COSCO SHIPPING Specialized Carriers ended September with a fleet of 206 ships and record quarterly earnings, as higher cargo volumes and stronger margins lifted performance. The Shanghai-listed company reported third-quarter net profit attributable to shareholders of RMB1.246 billion, up 147.12% year on year. Profit for the first nine months reached RMB2.617 billion, an increase of 96.91% and approximately 47% above its total for the whole of 2025.

Fleet expansion takes the company beyond 200 vessels

The company’s fleet of owned vessels and ships held under operating leases had an aggregate capacity of 9.58 million dwt at September 30, 2026. Its 206 ships compare with 198 vessels and 9.12 million dwt at the end of 2025, and 151 vessels and 6.15 million dwt a year earlier. Fleet capacity increased by approximately 48.4% during 2025, establishing a larger operating base for subsequent growth.

The company brought 50 newbuildings into service in 2025, comprising 28 new-type multipurpose ships, nine heavy-lift vessels and 13 LNG dual-fuel car carriers. The additions expanded its ability to serve vehicle, pulp, machinery and project cargo customers across different trades.

Renewal continued in the third quarter of 2026, when one heavy-lift vessel, one car carrier and one asphalt carrier entered service, while three timber carriers were retired and disposed of. Total cargo volume for the first nine months reached 25.71 million tonnes, up 43%, reflecting the greater volume of business handled by the expanded fleet.

Quarterly earnings continue to climb

Revenue for the first nine months rose 36.27% to RMB22.635 billion, while net profit attributable to shareholders excluding non-recurring items increased 91.35% to RMB2.565 billion. Third-quarter revenue reached RMB8.189 billion, up 40.34%, and profit excluding non-recurring items rose 142.81% to RMB1.227 billion.

The quarterly progression demonstrates the acceleration. Attributable net profit increased from approximately RMB406 million in the first quarter to RMB965 million in the second and RMB1.246 billion in the third. Third-quarter earnings were approximately 29% higher than in the preceding quarter and accounted for 47.6% of the nine-month total.

The results extend two years of growth. Annual revenue increased from RMB16.780 billion in 2024 to RMB23.211 billion in 2025, while attributable net profit rose from RMB1.531 billion to RMB1.780 billion. By the end of September 2026, revenue had already reached approximately 97.5% of the previous full year’s level, and attributable earnings had exceeded it by about 47%.

Third-quarter gross margin rises above 30%

Profitability improved alongside revenue. Calculations from the third-quarter financial statements put gross profit for the first nine months at approximately RMB5.835 billion, up 63.46%. The overall gross margin increased to approximately 25.78%, from 21.49% a year earlier, a gain of 4.29 percentage points.

Revenue growth of 36.27% outpaced the approximately 28.83% increase in operating costs. Combining the interim and third-quarter statements gives a standalone third-quarter gross profit of approximately RMB2.489 billion and a gross margin of 30.39%, compared with 23.16% for the first half. Higher revenue and stronger margins together supported the substantial increase in earnings.

Profit excluding non-recurring items represented approximately 98% of attributable net profit for the first nine months. The weighted average return on net assets reached 14.85%, up 6.14 percentage points year on year.

Car carriers and multipurpose ships broaden their contribution

Vehicle transport has become an increasingly important part of the business. Following the addition of 13 LNG dual-fuel car carriers in 2025, annual car carrier revenue reached RMB4.401 billion, an increase of 213.59%. In the first half of 2026, revenue from the segment rose a further 98.50% year on year to RMB3.680 billion, with a gross margin of 34.10%.

The latest quarterly report also cited higher net profit at the company’s non-wholly-owned car carrier subsidiary as the reason for an increase in minority interests’ share of earnings. This provides further evidence of improving profitability in the vehicle transport business.

The company serves automotive customers through dedicated car carriers and new-type multipurpose vessels equipped with specialised vehicle racks. It transported 394,600 vehicles in the first half of 2026, up 63%. Revenue from its new-type multipurpose fleet, which carries pulp as well as vehicles and machinery, increased 49.62% to RMB4.063 billion over the same period.

Other specialist fleets also contribute to the wider business. Heavy-lift revenue rose 44.38% to RMB3.222 billion in 2025, while semi-submersible revenue increased 9.82% to RMB2.895 billion, with a gross margin of 26.74%. The combination of roll-on/roll-off, heavy-lift and semi-submersible capabilities allows the company to address transport requirements across automotive manufacturing, energy infrastructure and offshore engineering.

Scheduled services connect ships with logistics networks

Fleet investment has been accompanied by the development of liner services and logistics nodes. In 2025, the company introduced six premium liner services, including its South America east coast BRICS express service, a direct South America west coast service and a Southeast Asian heavy-lift service.

More regular schedules help industrial customers coordinate production, cargo consolidation and overseas delivery. For the carrier, they also provide a framework for building repeat cargo flows around established routes and port calls.

Port partnerships reinforce this network. In the first half of 2026, the company signed a long-term strategic cooperation agreement with Brazil’s Sepetiba port and continued developing links between its Vitória and Sepetiba hubs. It also expanded regional operating arrangements and coastal port cooperation in China, connecting ocean services with cargo collection and delivery requirements.

In vehicle logistics, the company entered into strategic capacity cooperation with SAIC Anji Logistics in 2025, including arrangements for sharing vessel capacity and exchanging slots. Combined with its range of vessel types and handling methods, these partnerships give customers more options when matching cargo characteristics, sailing routes and delivery schedules.

Stronger cash generation supports further development

Operating cash flow reached RMB6.345 billion in the first nine months of 2026, up 48.86% and marginally above the total generated in the whole of 2025. The increase accompanied the expansion in revenue and operating cash receipts.

Reported cash and other monetary funds stood at RMB7.974 billion at the end of September, compared with RMB6.963 billion at the start of the year. Total liabilities declined slightly from RMB25.344 billion to RMB25.236 billion. The liabilities-to-assets ratio fell from approximately 57.76% to 54.86%, strengthening the financial base for fleet renewal and logistics investment.

For international cargo owners, the company’s development brings together a larger specialist fleet, more regular sailings and a wider network of port and logistics partners. These capabilities are particularly relevant to automotive, energy and industrial cargo trades, where handling expertise and coordination across multiple stages of delivery are central to the transport service.