On March 26, COSCO SHIPPING Energy Transportation Co., Ltd. (hereinafter referred to as “COSCO SHIPPING Energy Transportation” or “the Company”) released its 2024 Annual Report.
The company achieved operating income of RMB 23.244 billion (approximately US$3.201 billion), a year-on-year increase of 2.25%; achieved net profit attributable to shareholders of listed companies of RMB 4.037 billion (approximately US$556 million), a year-on-year increase of 19.4%; achieved earnings before interest, taxes, depreciation and amortization (EBITDA) of RMB 10.203 billion (approximately US$1.405 billion), a year-on-year increase of 7.6%, achieving the best performance since the company’s merger and reorganization in 2016.
As of December 31, 2024, COSCO SHIPPING Energy Transportation owns and controls 159 tankers with a capacity of 23.74 million DWT. Of the 87 liquefied natural gas (LNG) carriers that COSCO SHIPPING Energy Transportation has participated in the investment and construction of, 50 LNG carriers with 8.42 million cubic meters have been put into operation, and one bareboat chartered-in LNG carrier with 174,000 cubic meters has been put into operation. COSCO SHIPPING Energy Transportation also owns eight chemical tankers with a capacity of approximately 73,000 dwt, and eleven LPG tankers with a capacity of approximately 43,000 cubic meters.
In 2024, COSCO SHIPPING Energy Transportation’s fleet of foreign trade tankers generated transportation revenue of RMB14.574 billion (approximately US$2.007 billion), with a gross profit of RMB3.586 billion (approximately US$494 million), representing a gross profit margin of 24.6%. In 2024, COSCO SHIPPING Energy Transportation continues to expand the western market, build triangular routes, balancing the route layout of the eastern and western markets and maintain the diversification of cargo sources. At the same time, the Company gives full play to the marketing function of its overseas outlets, and raises the proportion of cargoes sourced from international customers.
The company’s domestic tanker fleet completed transportation revenue of RMB 5.909 billion, transportation gross profit of RMB 1.475 billion, and gross profit margin of 25.0%. The net profit attributable to shareholders of the listed company contributed by the company’s LNG transportation segment was RMB 811 million, an increase of 2.66% year-on-year on a like-for-like basis. The company’s liquefied petroleum gas (LPG) fleet completed transportation revenue of RMB 206 million, transportation gross profit of RMB 52 million, and gross profit margin of 25.2%. The company’s chemical fleet completed transportation revenue of RMB 314 million, transportation gross profit of RMB 53 million, and gross profit margin of 16.9%.
COSCO SHIPPING Energy Transportation actively promotes the construction of a green fleet, taking into account the assessment of low-carbon development dimensions, such as the selection of new energy power sources and the application of green and low-carbon technologies, in making decisions on new shipbuilding. In November 2024, the company placed an order to build 6 LNG/methanol dual-fuel (reserved) VLCCs, and in February 2025, it placed an order to build 2 methanol dual-fuel Aframax, 2 LR2 methanol dual-fuel tankers, and 2 methanol dual-fuel (reserved) Panamax tankers, further accelerating the green and low-carbon transformation of the fleet and adapting to the development of green and low-carbon shipping. In 2024, COSCO SHIPPING Energy Transportation’s unit carbon dioxide emissions decreased by 2.84% and nitrogen oxide emissions decreased by 3.28% compared with the previous year.
At present, COSCO SHIPPING Energy Transportation ranks first in the world in terms of the size of its tanker fleet and fourth in terms of the size of the LNG fleet in which it has participated in investments. COSCO SHIPPING Energy Transportation fleet covers the world’s mainstream tanker ship types and is the most complete shipping company in the global tanker fleet.