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RTNominal down2.910 -0.030 (-1.020%)

21/07/2021 15:19

COSCO SHIP Engy (01138) expects decrease in interim net

[ET Net News Agency, 21 July 2021] COSCO SHIPPING Energy Transportation Co., Ltd.
(01138) said the group expects to record a net profit attributable to the equity holders
of the company for the six months ended 30 June 2021 in the range of RMB503 million to
RMB603 million, as compared to a net profit attributable to the equity holders of the
company of approximately RMB2.955 billion for the same period of 2020.
During the first half of 2021, against the backdrop of slow recovery of global oil
demand, the ongoing implementation of the OPEC+ production cut agreement that accelerated
destocking, and the oversupply that led to the continued sluggish international oil
shipping market, coupled with the year-on-year increase in international fuel prices,
revenue from the international oil shipping market continued to hover at a historically
low level. From January to June 2021, the daily Time Charter Equivalent (TCE) of the TD3C
(Middle East - China) route for very large crude carriers (VLCC) plunged to the negative
territory several times with the average daily TCE of -USD311/day, representing a decrease
of approximately 100.38% as compared with that in the same period last year. The group
adopted measures such as extreme speed down navigation to reduce costs. However, the poor
market sentiment still led to a year-on-year decline in the revenue of the group's
international oil shipping segment. (RC)

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