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COSCO SHIPPING Energy Transportation Co., Ltd. 2026 1H Result Presentation 28th August 2026 Website: http://energy.coscoshipping.com/
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2 Disclaimer These materials are for information purposes only and do not constitute or form part of an offer or invitation to sell or issue or the solicitation of an offer or invitation to buy or subscribe for securities of COSCO SHIPPING Energy Transportation Co., Ltd. (the “Company”) or any holding company or any of its subsidiaries in any jurisdiction. No part of these materials shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The information contained in these materials has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information and opinions contained in these materials are provided as of the date of the presentation, are subject to change without notice and will not be updated or otherwise revised to reflect any developments, which may occur after the date of the presentation. The Company nor any of its respective affiliates or any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any information contained or presented in these materials or otherwise arising in connection with these materials. These materials contain statements that reflect the Company’s current beliefs and expectations about the future as of the respective dates indicated herein. These forward-looking statements are based on a number of assumptions about the Company’s operations and factors beyond the Company’s control and are subject to significant risks and uncertainties, and, accordingly, actual results may differ materially from these forward-looking statements. You should not place undue reliance on any forward-looking information. The Company assumes no obligation to update or otherwise revise these forward-looking statements for new information, events or circumstances that occur subsequent to such dates. Unless stated otherwise, the data in the report are financial data in consolidated statements prepared after taking into account changes in the accounting policies and incorporating retrospective adjustments.
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3 Company at a Glance COSCO SHIPPING Energy offices 1 CSLNG stands for COSCO SHIPPING LNG Investment (Shanghai) Co., Ltd., a wholly owned subsidiary of the Company 2 CLNG stands for China LNG Shipping (Holdings) Limited, in which the Company holds 50% equity stake 3 Excluding bareboat chartered vessel Profile Type In Operation Orderbook VLCC 48 6 Suezmax 3 Aframax/LR2 20 11 Panamax/LR1 35 6 MR&Others 47 15 Our Fleet Dual-listed Shanghai & Hongkong SSE 600026.SH HKEX 1138.HK Our Business Specialized company under COSCO SHIPPING Group, mainly engaged in marine transportation of oil, LNG, LPG, and chemicals • The tanker fleet boasts a comprehensive range of vessel types, covering both international and domestic shipping markets • Domestic oil transportation business is in a leading position; international oil transportation business benefits from the Company’s global layout • Most of the LNGCs are tied to long-term charter projects, providing stable returns • LPG & chemical segments are supported by rich management experience LNGC (CSLNG1) 36 25 LNGC (CLNG2) 30 6 LPG Carrier 14 5 Chemical Tanker 9 1 153 + 38 Tankers 66 + 31 LNGC3 9 + 1 Chemical Tankers 14 + 5 LPG Carriers
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2026 1H Highlights Market Review and Outlook Appendix
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5 2026 1H Highlights Net profit attributable to shareholders of the Company 45.56 RMB million Gross profit 46.77 RMB million from the international oil shipping segment Gross profit 761 RMB million from the domestic oil shipping segment Net profit attributable to parent company 512 RMB million from LNG shipping segment Gross profit 55 RMB million from the LPG shipping segment Gross profit 32 RMB million from the chemical shipping segment Investment in young capacity • Contracted NB orders for 2 Aframax, 2 LR2, 4 Panamax, and 14 MR • Built 4 LNG carriers and secured time charter agreements with Shell • Completed equity transfer of 6 Qcmax LNG carriers under the QatarEnergy project • Contracted NB order for 1 LPG carrier • Completed the merger-by-absorption of Dalian Investment and acquired 4 VLGC newbuilding orders Disposal of older vessels • Sold 1 20-year-old VLCC, recording net proceed of ¥123 million • Sold 2 small size CPP tankers, recording net proceed of ¥9.14 million Delivery of new vessels • 2 Panamax, 3 LNG carriers, and 2 LPG carriers were delivered Fleet optimization Shareholder Returns Declared Interim Dividend • Cash dividend of RMB 0.28 per share, representing payout 34% ratio
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6 Investment Highlights Large & Comprehensive Tanker Fleet • The Company manages a comprehensive tanker fleet consisted of both crude and product tankers, enabling us to fully seize market opportunities of different segments • During the tanker upcycle, the large VLCC fleet combined with diversified vessel types enables the company to flexibly align with global trade structures, thereby amplifying profit elasticity. Domestic Segment Brings Stable Return • Stable earnings from domestic oil shipping segment can reduce the volatility of financial results, bringing the Company “safety cushion” • The Company can switch over tankers between international and domestic markets, and between DPP and CPP markets, providing operational flexibility to pursue maximum fleet proceeds Fast-growing LNGC Fleet • Most of the Company’s LNG carriers are tied to long-term TC-out charters, securing steady & long-run income • With the acceleration of project landing, the Company’s LNGC fleet will keep growing in the next coming years, as well as the profits accordingly Stable and Consistent Dividend Policy • As a listed company committed to maximizing shareholder value, the Company has consistently maintained stable dividend policyas a core strategy • This predictable and sustainable dividend model, delivering impressive yield returns, has become a cornerstone for long-term value investors Significant Achievements in ESG Governance • The company has deeply integrated ESG principles into its governance, strategy, and operations, achieving systematic results,and has proactively disclosed sustainability reports for 18 consecutive years. • By continuously strengthening ESG governance framework and advancing green and low-carbon transition, the Company has earned outstanding scores in ESG ratings from multiple institutions, including MSCI and S&P Global, and has been selected as one of the Top 20 in 20 Years sustainability cases by the United Nations Global Compact.
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2026 1H Highlights Market Review and Outlook Appendix
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8 0 200 400 600 TD3C VLCC Middle East - China TD22 US Gulf - China TD15 West Africa - China Freight Rate Performance Review 0 50 TD19 Aframax Across the Mediterranean TD28 Aframax Canada - China TD6 Suezmax Kuwait - Singapore TD20 Suezmax West Africa - Europe 0 30 60 90 120 150 180 TC1 LR2 Middle East Gulf - Japan TC5 LR1 Middle East Gulf - Japan TC12&TC11 Pacific Basket 120 140 160 180 200 20 70 120 170 1 year ECO - VLCC TC rate ('000 usd/day), L-axis VLCC NB Prices (million usd), R-axis VLCC NB Resale Prices (million usd), R-axis Major VLCC Routes earnings1 (‘000 usd/day) Major Product Tanker Routes earnings3 (‘000 usd/day) VLCC TC earnings & asset value2 Major Suezmax & Aframax Routes earnings4 (‘000 usd/day) 1、3、4Source: Baltic Exchange 2Source: Clarksons
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9 The Strait is No Longer a Binary Open or Closed Issue 0 5 10 15 20 25 2026/3/1 2026/3/8 2026/3/15 2026/3/22 2026/3/29 2026/4/5 2026/4/12 2026/4/19 2026/4/26 2026/5/3 2026/5/10 2026/5/17 2026/5/24 2026/5/31 2026/6/7 2026/6/14 2026/6/21 2026/6/28 2026/7/5 2026/7/12 2026/7/19 2026/7/26 2026/8/2 2026/8/9 2026/8/16 2026/8/23 Oil tanker traffic in the Strait of Hormuz (by route)1 Northside Iran route (number of ships) Dark Voyage/Southside Oman Route (number of ships) While transit volumes have not returned to pre-war normal levels, cargo continues to flow in a restricted, opaque, and high-risk manner 1Source: Clarksons 2Source: Gibsons, Kpler 0 20 40 60 80 100 120 April May June July August VLCC STS activities in the Middle East (number of ships) 2
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10 Bab el-Mandeb Disruptions Extend Tanker Sailing Distances Yanbu-China 6,600 nautical miles/23 days Sidi Kerir-China 14500 nautical miles/50 days 5 6 29 13 12 21 VLCC Suezmax Aframax Loadings of Sidi Kerir (number) 2 7月 8月 0 10 20 30 40 25/12/5 25/12/20 26/1/4 26/1/19 26/2/3 26/2/18 26/3/5 26/3/20 26/4/4 26/4/19 26/5/4 26/5/19 26/6/3 26/6/18 26/7/3 26/7/18 26/8/2 26/8/17 Voyages through the Mandeb Strait by VLCC (number of ships) 3 24 5 6 25 3 5 VLCC Suezmax Aframax Loadings in Yanbu (number) 1 7月 8月 1、2Source: Kpler 3Source: Clarksons
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11 Inventory Decline Creates Potential Restocking Demand Global oil inventories fell by approximately 340 million barrels from February to August 4,958 4,618 4,600 4,650 4,700 4,750 4,800 4,850 4,900 4,950 5,000 Global Oil inventory (million barrels) 1 340 Million Barrels 1Source: Kpler
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12 Supply-Side Outlook 0 20 40 60 80 100 120 Number of VLCC build/delivered Built/Delivered Year • VLCC >20 by 2030: 437 • VLCC NB deliveries by 2030: 306 VLCC average age vs OB/fleet ratio1 Current OB cannot meet the potential replacement demand2 2000 20012002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20132014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Aug-2026 0 10 20 30 40 50 60 7 8 9 10 11 12 13 14 VLCC Orderbook/Fleet (%) VLCC Average Age (Years) 1、2Source: Clarksons
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13 Delivery schedule of NB tanker orders2 Supply-Side Outlook 13 17 11 21 11 51 67 55 19 64 28 102 222 137 20 2 106 21 158 0 50 100 150 200 250 300 VLCC Suezmax Aframax Panamax LR2 LR1 MR (CPP) 2026 2027 2028+ OB grows rapidly, while aged/sanctioned tonnage remain substantial1 Fleet profile1 VLCC Suezmax Aframax Panamax LR2 LR1 MR（CPP） No. 924 694 696 75 550 391 1,891 >15y 412 44% 286 40% 427 61% 56 75% 178 32% 270 69% 911 48% >20y 184 20% 138 19% 218 31% 46 61% 53 10% 87 22% 356 19% OB 293 32% 209 29% 48 7% 2 3% 199 36% 59 15% 303 16% Sanctioned 165 18% 118 17% 245 35% - 79 14% 51 13% 146 8% 1、2Source: Clarksons
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14 Tanker Market Key Takeaways • Escalating US/EU sanctions constrain shadow fleet operations, tightening compliant market tonnage supply • Industry consolidation continues, improving competitive landscape • While newbuilding orders are growing rapidly, deliveries are concentrated in 2028-2029, and VLCC fleet age is at a 20-year high, creating substantial replacement demand Industry Fundamentals Future Market Catalysts Impact of Geopolitical Conflicts • Strait of Hormuz: No longer a binary open or closed scenario and export volumes materially improved since the conflict • Bab el-Mandeb: Driving Mediterranean-Cape of Good Hope-Asia long-haul routes, significantly extending voyage distances • One-year time charter rates and asset prices are strong and solid, supporting industry prosperity • If the market expects conflicts to become persistent events, the Middle East freight premium will remain, while Asian countries will also accelerate oil procurement during any windows, which significantly supports transport demand • Growing focus on national energy security is expected to drive a longer restocking cycle to build sufficient reserves, extending the duration of the current tanker cycle
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15 Tanker Market Analysis Framework Total Shipping Capacity Supply Demand Volume (tonne) Distance (nautical mile)x Producer exports Production cost Domestic consumption Production policy Consumer imports Economic activity Restocking process Geopolitical Risk Military conflict Trade barrier Regional Imbalance Price arbitrage Emerging markets Refinery deployment Newbuilding Deliveries Shipyard arrangement Investment income Ship Recycling Black market Age Recycling earnings Total Fleet Dry-dockings Vessel idle Navigation safety Cost considerations Fuel price TCE conditions Environment policy
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2026 1H Highlights Market Review and Outlook Appendix
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17 Oil Tanker Fleet Market Segment Type Owned (No.) TC-in (No.) Thousand DWT Average Age (Year) Orderbook (No.) Estimated Delivery Time International Dirty VLCC 41 7 14,722 12.1 6 2027-2028 Suezmax 3 476 5.6 Aframax 6 4 1,117 9.6 4 2028 MR (DPP) 4 175 17.9 Clean LR2 6 1 775 7.9 4 2027、2029 LR1 13 969 12.7 MR (CPP) 13 628 12.3 Domestic Dirty Aframax 3 328 21.9 3 2026-2027 Panamax 21 1 1,571 14.9 6 2028 MR (DPP) 17 771 19.8 12 2027-2028 Clean MR (CPP) 9 329 16.3 3 2026、2028 Small size (CPP) 4 41 16.9 Total 140 13 21,901 13.6 38 2026-2029 As of June end 2026
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18 LNGC Fleet Platform Propulsion In Operation Average Age (Year) In Orderbook No. mn cubic meters No. mn cubic meters Est. Delivery Time CSLNG1 XDF1 22 3.83 2.5 21 4.25 2026-2031 LSD 4 0.69 10.8 DFDE+POD 3 0.52 7.6 3 0.52 to be confirmed DFDE 7 1.22 7.7 1 0.17 2026 CLNG XDF 9 1.45 1.0 6 1.24 2026、2028 DFDE+POD 11 1.90 7.5 DFDE 4 0.70 8.1 Steam Turbine 6 0.88 16.8 Total 66 11.18 6.1 31 6.17 2026-2031 1 Excluding 1 bareboat chartered LNGC As of June end 2026
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19 LPG Carrier and Chemical Tanker Fleet Type No. DWT Average Age (Year) Orderbook (No.) Estimated Delivery Time IMO 2 Stainless Chemical Tanker 5 41,227 2.2 1 2027 IMO 2 Stainless Oil/Chemical Tanker 4 43,213 8.5 Total 9 84,440 5.0 1 2027 Chemical Tanker Type No. Cubic Meter Average Age (Year) Orderbook (No.) Estimated Delivery Time Full-pressure 11 44,760 12.8 4 2026-2027 Semi-refrigerated 2 15,202 0.6 1 2027 Fully Refrigerated 1 83,088 10.3 Total 14 143,050 10.9 5 2026-2027 LPG Carrier1 As of June end 2026
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20 2026 Jan-Jun Financial Highlights RMB million Financial Positions 2026/6/30 2025/12/31 Change % Current assets 24,298 20,344 19.44 Non-current assets 76,447 73,650 3.80 Total assets 100,745 93,994 7.18 Current liabilities 18,755 15,788 18.79 Non-current liabilities 30,655 26,979 13.63 Total liabilities 49,410 42,767 15.53 Equity attributable to owners of the Company 48,104 47,984 0.25 Non-controlling interests 3,230 3,243 (0.38) Total owners’ equity 51,335 51,227 0.21 Debt-to-asset ratio 49.0% 45.5% Operating Results Jan-Jun 2026 Jan-Jun 2025 Change % Revenue 15,079 11,576 30.27 Operating expenses 8,843 8,908 (0.73) Share of profits of associates and joint ventures 693 633 9.50 Net earnings attributable to shareholders of the Company 4,556 1,894 140.58 EBITDA 8,660 5,120 69.14 Cash Flows Jan-Jun 2026 Jan-Jun 2025 Change % Net cash provided by operating activities 6,962 3,046 128.54 Net cash (used in)/provided by investing activities (6,188) (1,646) (276.02) Net cash (used in)/provided by financing activities 2,083 372 460.61
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21 2026 Jan-Jun Performance by Segment Item Turnover YOY Change Volume YOY Change Revenue YOY Change GP Margin Increase/ (Decrease) (Billion ton-nautical miles) (%) ton mn (%) RMB mn (%) (%) Percentage points Domestic crude oil 11.48 4.56 30.23 11.55 1,648.66 4.35 34.07 5.09 Domestic product oil 7.31 (9.08) 10.43 (15.21) 961.99 (12.65) 20.62 1.68 Domestic vessel chartering 78.41 26.21 1.57 (3.86) Total Domestic Oil Shipping 18.79 (1.21) 40.66 3.19 2,689.07 (1.98) 28.31 3.89 International crude oil 228.63 (22.87) 34.99 (27.09) 8,256.25 58.54 45.05 32.26 International product oil 18.65 (29.33) 5.61 (7.96) 1,145.84 0.05 34.20 8.18 International vessel chartering 1,090.90 16.97 51.78 15.41 Total International Oil Shipping 247.29 (23.40) 40.60 (24.93) 10,492.99 44.03 44.57 26.68 Grand Total - Oil Shipping 266.08 (22.16) 81.26 (13.08) 13,182.06 31.44 41.25 21.58 LNG Transportation 1,520.15 22.20 46.80 (2.81) LPG Transportation 0.01 (67.72) 0.06 (44.16) 178.55 24.94 30.89 6.88 Chemical Transportation 1.08 22.89 1.08 21.31 198.68 24.24 16.04 (10.66)
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22 Cost Composition and Changes Cost Items Jan-Jun 2026 Jan-Jun 2025 YoY Change Amount Composition% Amount Composition% % Fuel Costs 2,239.50 25.32 2,657.12 29.83 (15.72) Port Disbursements 471.81 5.34 531.89 5.97 (11.30) Crew Cost 1,262.05 14.27 1,290.45 14.49 (2.20) Lubricants Cost 166.34 1.88 164.98 1.85 0.82 Depreciation 2,062.47 23.32 1,912.81 21.47 7.82 Insurance Expense 114.76 1.30 112.72 1.27 1.82 Repair Costs 309.24 3.50 223.30 2.51 38.49 Charter Cost 1,806.93 20.43 1,760.53 19.76 2.64 Others 409.97 4.64 254.51 2.86 61.09 Total 8,843.07 100.00 8,908.29 100.00 (0.73) RMB million
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23 CAPEX RMB million Expenditure category 2H 2026 2027 2028 2029 2030 Shipbuilding expenses 3,879 10,224 10,103 3,501 1,964 Vessel modification and dry-docking (Capitalized) 508 1,010 772 740 704 Xizhong Island Logistics Park Project I Phase I 137 135 104 - - Total Capex 4,523 11,368 10,980 4,240 2,668
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24 Significant Operating Leverage 1Calculation based on owned and TC-in tankers operated in international spot market Segment Type Marginal Profit Responding to 10,000$/d TCE Variation1 Crude VLCC 934 Aframax 272 MR 78 Product LR2 149 LR1 250 MR 112 RMB million
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Thank you for watching. 600026.SH; 1138.HK IR email: ir.energy@coscoshipping.com Tel: 86-21-65967678