COSCO Shipping Energy Transport (1138.HK/600026.SH): 1H26 profit slightly below expectations; maintain OW

研报英文原文证据摘录

COSCO Shipping Energy Transport (1138.HK/600026.SH): 1H26 profit slightly below expectations; maintain OW

J P M O R G A N Asia Pacific Equity Research

10 July 2026

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COSCO Shipping Energy

Transport (1138.HK/600026.SH)

1H26 profit slightly below expectations; maintain OW

CSET announced preliminary 1H26 NPAT of approximately Rmb4.5bn (+141% Infrastructure, Industrials &

YoY/+108% HoH), implying 2Q26 NPAT of approximately Rmb2.3bn (+100% Transport

YoY, +7% QoQ). We view the 2Q results as slightly below our expectations, as Beatrice Lam AC

earnings did not fully reflect the strength in underlying tanker markets. Atlantic (852) 2800-8738

Basin VLCC TCEs increased approximately 25–30% QoQ during 2Q26, while beatrice.lam@jpmorgan.com

CSET’s recent VLCC fixtures have averaged approximately US$140k/day. We Karen Li, CFA

believe the gap primarily reflects temporary operational disruptions associated (852) 2800-8589

with the Strait of Hormuz conflict, together with Rmb appreciation during the karen.yy.li@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

quarter, rather than weaker underlying freight fundamentals. With these Morgan Broking (Hong Kong) Limited

operational disruptions now largely resolved, we maintain our FY26-28 forecasts

and Overweight rating. Our US$115k/day base-case FY2026 average VLCC TCE

assumption and conservative earnings forecasts remain achievable. Notably, 1H26 600026.SS, 600026 CH

net profit has already exceeded FY25 net profit of Rmb4.04bn.