(30 March 2023, Shanghai) － COSCO SHIPPING Energy Transportation Co., Ltd. announced its results for the twelve months ended 31 December 2022.
During the Reporting Period, the Company generated revenues from principal operations of RMB18.57 billion with a year-on-year increase of 46.8% and gross profit margin increased by 11.5 percentage points year-on-year. The net profit attributable to shareholders of the Company was RMB1.46 billion with a year-on-year increase of 129.3%, and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of RMB6.63 billion with a year-on-year increase of 862.6%. As of 31 December 2022, the Group held and controlled 159 oil tankers with 23.34 million Dead Weight Tonnage (“DWT”). 40 LNG vessels with 6.77 million cubic meters have been put into operation among the jointly-invested LNG vessels. In 2022, the Group realized a transportation volume (excluding time charters) of 174.36 million tonnes with a year-on-year increase of 4.2%; transportation turnover (excluding time charters) of 536.79 billion tonne-miles with a year-on-year increase of 5.7%.
In 2022, adhering to the general principle of “seeking improvement while maintaining stability” and focusing on the implementation of the 14th Five-Year Plan, the Group increased the revenue of the tanker fleet following the rhythm of the market, while seizing strategic opportunities to promote the efficient implementation of LNG projects.
Confronted with the ever-changing oil and gas transportation market, the Group achieved solid and steady business performance and continued to consolidate the quality of the enterprise by virtue of accurate market research and judgement and systematic capacity planning, thus the Company significantly improved the revenue of the tanker transportation fleet in foreign trade. Benefiting from accurate market research and predictions, and the proper route layout, sufficient ballasting VLCCs were secured during market highs. In 2022, the Group stepped up the development of the “China–Singapore–Middle East–Far East–China” triangular routes for product oil tankers in foreign trade. In the development of product oil tanker routes, the Group routinized the Australia route and covered East Africa, South Africa and Europe etc., thus enriching the route structure and customer groups.
Meanwhile, the Group seized the golden age of LNG development and vigorously developing LNG transportation projects, made a breakthrough in the whole chain capacity of LNG business. During the Reporting Period, CSLNG, a wholly-owned subsidiary of the Group, completed the equity acquisition of two LNG carriers of Sinochem; CLNG, a joint venture company, completed the investment in two projects: one LNG carrier of Shenzhen Gas and 12 LNG tankers of Qatar Energy. During the Reporting Period, Hong Kong LNG Shipping Management Company, a wholly-owned subsidiary of the Group, successfully acquired two LNG carriers of 174,000 cubic meters for the PetroChina International LNG Project. The enhancement of independent ship management capability significantly strengthened the Group’s overall competitiveness in participating in the global LNG transportation business. As of the end of the Reporting Period, the Group had invested in 62 LNG carriers, representing an increase of 15 vessels year-on-year.
Meanwhile, the Group seized the golden age of LNG development and vigorously developing LNG transportation projects, made a breakthrough in the whole chain capacity of LNG business. During the Reporting Period, CSLNG, a wholly-owned subsidiary of the Group, completed the equity acquisition of two LNG carriers of Sinochem; CLNG, a joint venture company, completed the investment in two projects: one LNG carrier of Shenzhen Gas and 12 LNG tankers of Qatar Energy. During the Reporting Period, Hong Kong LNG Shipping Management Company, a wholly-owned subsidiary of the Group, successfully acquired two LNG carriers of 174,000 cubic meters for the PetroChina International LNG Project. The enhancement of independent ship management capability significantly strengthened the Group’s overall competitiveness in participating in the global LNG transportation business. As of the end of the Reporting Period, the Group had invested in 62 LNG carriers, representing an increase of 15 vessels year-on-year.
Looking forward, the Group will firmly adhere to the corporate vision of “to be an outstanding leader in global energy transportation” and seek progress while maintaining stability, promote high-quality development, implement the new development concept, and practically improve the standard of corporate management via concept and system refinement. At the same time, The Group will accurately grasp the cyclical trends in the shipping and capital markets to realize the side-by-side advance of production and capital operations. The Group will empower its shipping business via digitalization, and use data assets to create value. The Group will also accelerate the transformation of”low-carbon shipping” and strive to build a brand image as a “leader in sustainable development”.
Source: COSCO SHIPPING
Source: COSCO SHIPPING
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