CSET expects H1 profit to increase by 488%-531%

In the first half of 2020, COSCO SHIPPING Energy Transportation released the performance forecast, and it is estimated that the net profit will be RMB 2.76 billion to 2.96 billion yuan, with a year-on-year growth of 488% to 531%.
 
In the first half of 2020, the global oil supply was significantly higher than the consumption demand, the demand for oil transportation and storage was strong, and the international tanker freight rates fluctuated sharply, with the average higher than the same period last year.
 
The average TCE of VLCC TD3C(Middle East-China) route was US $82200 / day, an increase of 303.74% year-on-year.
 
In the face of market fluctuations, COSCO SHIPPING Energy Transportation strengthen research and judgment of the market, use the advantage of scale to adjust ship positioning, actively solicit goods at the stage of high freight rates, and lock in profits.
 
In terms of domestic oil transportation, the COVID-19 has had limited impact on the market, and it basically returned to normal in the second quarter.
 
In terms of LNG transport, by the end of June, the company has a total of 36 LNG ships involved in investment in operation, an increase of 6 ships over the same period of last year, and the profits continue to increase.
 
Source: Sarah Yu, XINDE MARINE NEWS

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.