Financial Performance - The group's revenue increased from RMB 12.645 billion in 2021 to RMB 18.567 billion in 2022, representing a growth of approximately RMB 5.922 billion or 47%[2] - The profit attributable to equity holders for 2022 was RMB 1.461 billion, compared to a loss of RMB 4.985 billion in 2021[5] - Basic and diluted earnings per share for 2022 were RMB 0.3065 and RMB 0.3060, respectively, while both were losses of RMB 1.0468 in 2021[5] - The group's gross profit for 2022 was RMB 3.409 billion, a significant recovery from a gross loss of RMB 4.089 billion in 2021[3] - The company reported a total comprehensive income of RMB 3.646 billion for 2022, compared to a total comprehensive loss of RMB 4.582 billion in 2021[5] - The group reported a pre-tax profit of RMB 2.753 billion for the year ended December 31, 2022, compared to a loss of RMB 4.527 billion in 2021[18] - The net profit attributable to shareholders was RMB 1.46 billion, up 129.3% year-on-year[42] - The EBITDA for 2022 was RMB 6.63 billion, reflecting an increase of 862.6% compared to the previous year[42] Assets and Liabilities - The total assets as of December 31, 2022, amounted to RMB 68.250 billion, an increase from RMB 59.389 billion in 2021[6] - Non-current liabilities rose to RMB 24.089 billion in 2022 from RMB 16.129 billion in 2021, primarily due to an increase in bank and other interest-bearing loans[7] - Current liabilities decreased to RMB 10.591 billion in 2022 from RMB 13.338 billion in 2021, reflecting a reduction in short-term borrowings[7] - As of December 31, 2022, the group's current liabilities exceeded current assets by approximately RMB 2.208 billion[11] - The total liabilities for the LNG segment increased to RMB 10.506 billion in 2022 from RMB 8.325 billion in 2021[20] - The total debt, net of cash, was RMB 30,215,794,000, with cash and cash equivalents amounting to RMB 4,239,339,000, reflecting a 20% increase from RMB 3,523,889,000 at the end of the previous year[56] Revenue Segmentation - The LNG segment generated revenue of RMB 17.248 billion in 2022, compared to RMB 11.414 billion in 2021, marking a growth of approximately 50.8%[18] - The oil transportation segment reported revenue of RMB 15.745 billion in 2022, up from RMB 10.574 billion in 2021, reflecting an increase of approximately 49.5%[18] - Domestic revenue for the year ended December 31, 2022, was RMB 5,892,937,000, an increase from RMB 5,669,946,000 in 2021, representing a growth of 3.93%[21] - International revenue surged to RMB 12,673,858,000 in 2022 from RMB 6,974,754,000 in 2021, marking an increase of 81.35%[21] Operational Highlights - The company operates the world's largest oil tanker fleet with 159 vessels and a total deadweight tonnage of 23.34 million tons as of December 31, 2022[34] - The company is a leader in China's LNG transportation sector, participating in the investment of 62 LNG vessels, with 40 currently in operation and 22 awaiting delivery, totaling 6.77 million cubic meters[34] - In 2022, the group achieved a transportation volume of 17.436 million tons, an increase of 4.2% year-on-year[42] - The average daily earnings for VLCC on the TD3C route reached $61,364 in Q4 2022, reflecting a significant recovery from earlier lows[37] Cost and Expenses - Total financial expenses for the year amounted to RMB 993,999,000, an increase from RMB 826,672,000 in the previous year[26] - The company incurred a total income tax expense of RMB 964,255,000 for the year ended December 31, 2022, compared to RMB 139,800,000 in 2021[27] - Fuel costs for tanker transportation rose to RMB 5.57 billion, a 73.2% increase year-on-year, accounting for 38.4% of total costs[50] Future Outlook - The company plans to add 2 new LNG vessels with a capacity of 254,000 cubic meters in 2023, and expects to operate 159 oil tankers with a total deadweight tonnage of 23.34 million tons[87] - The company anticipates achieving operating revenue of RMB 19 billion and incurring operating costs of RMB 15.2 billion in 2023[87] - The global LNG trade volume is projected to reach 419 million tons in 2023, with a compound annual growth rate of 6.8% from 2022 to 2027[84] Governance and Compliance - The company has established five specialized committees within the board, including the Audit Committee and the Remuneration and Assessment Committee, to enhance governance and accountability[103] - The company maintained compliance with the corporate governance code throughout the year ending December 31, 2022[103] - The company’s board of directors is committed to enhancing shareholder value and has ensured that the roles of the chairman and CEO are held by different individuals to maintain independence[103]

Financial Performance - Operating revenue for the third quarter reached RMB 4,884,790,280.95, representing a year-on-year increase of 53.95%[5] - Net profit attributable to shareholders was RMB 481,049,794.56, showing a significant increase of 581.80% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 489,503,910.30, up 582.17% year-on-year[5] - Basic earnings per share for the quarter were RMB 0.1008, reflecting an increase of 582.30% compared to the previous year[5] - Total operating revenue for the period reached RMB 12,397,423,788.50, a significant increase from RMB 9,288,439,428.30 in the previous year, representing a growth of approximately 33.5%[15] - Net profit attributable to the parent company was RMB 639,894,248.27, compared to RMB 443,781,530.05 in the same period last year, reflecting an increase of about 44.2%[15] - The total comprehensive income for the period was RMB 2,234,491,542.68, significantly higher than RMB 868,004,033.81 from the previous year, showing an increase of approximately 157.5%[16] - Basic earnings per share rose to RMB 0.1341 from RMB 0.0932, representing an increase of approximately 43.9%[16] Assets and Liabilities - Total assets as of the end of the reporting period amounted to RMB 66,345,512,429.53, an increase of 11.71% from the end of the previous year[5] - The total liabilities increased to RMB 33,947,362,200.33 from RMB 29,466,655,276.45, marking an increase of approximately 15.1%[14] - The company's total equity increased to RMB 32,398,150,229.20 from RMB 29,922,282,496.24, reflecting a growth of about 8.3%[14] Cash Flow - The net cash flow from operating activities for the year-to-date period was RMB 1,853,988,307.69, down 18.06% compared to the previous year[5] - Operating cash inflow for the period reached CNY 11,621,580,405.06, an increase from CNY 10,515,774,090.71 in the previous year, representing a growth of approximately 10.54%[17] - Net cash flow from operating activities was CNY 1,853,988,307.69, down from CNY 2,262,658,503.58 year-on-year, indicating a decline of about 18.06%[17] - Cash inflow from financing activities totaled CNY 12,131,663,587.10, significantly higher than CNY 5,406,993,377.48 in the previous year, marking an increase of approximately 124.06%[18] - The net cash flow from financing activities was CNY 1,134,377,955.06, a turnaround from a negative CNY 2,084,866,243.93 in the previous year[18] - Cash and cash equivalents at the end of the period amounted to CNY 4,791,876,325.61, up from CNY 3,280,560,742.72 at the end of the previous year, reflecting an increase of about 46.00%[18] Shareholder Information - The company reported a total of 75,587 shareholders as of the end of the reporting period[8] - The top shareholder, China Shipping Group Co., Ltd., held 1,536,924,595 shares, representing 32.22% of the total shares[8] Operational Highlights - The company experienced a significant increase in transportation market rates compared to the previous year, contributing to the growth in revenue and profit[7] - The company's VLCC TCE for Q3 2022 was USD 25,576 per day, a significant improvement from USD -7,348 per day in the first half of the year[11] - The company's total operating revenue from the oil tanker segment was RMB 11.42 billion, a year-on-year increase of 37.0%[11] - The company's LNG transportation business contributed a net profit of RMB 575 million in the first three quarters of 2022[12] - The number of LNG transport vessels to be delivered increased from 9 at the beginning of the year to 18 by the end of September 2022[12] - The company's gross profit from domestic oil transportation was RMB 996 million, with a gross margin of 7.9%, an increase of 0.9 percentage points year-on-year[11] - The company's total transportation volume (excluding time charter) was 13 million tons, a year-on-year increase of 5.9%[11] Costs and Expenses - The company's operating costs for the oil tanker segment were RMB 10.52 billion, a year-on-year increase of 35.7%[11] - The total operating costs were RMB 12,345,758,205.15, compared to RMB 9,507,455,016.56 in the previous year, which is an increase of about 30.5%[15] - Research and development expenses amounted to RMB 8,030,937.33, down from RMB 10,666,041.34 year-over-year, indicating a decrease of about 24.6%[15] Investment Activities - The company reported investment income of RMB 855,091,065.92, up from RMB 746,247,076.29 year-over-year, indicating an increase of approximately 14.6%[15] - Other comprehensive income attributable to the parent company was RMB 1,350,748,240.41, compared to RMB 191,836,334.20 in the previous year, reflecting a substantial increase of approximately 605.5%[16] - Cash inflow from investment activities was CNY 654,114,038.87, up from CNY 336,984,254.43 in the previous year, indicating an increase of about 93.83%[17] - Cash outflow for the purchase of fixed assets and intangible assets was CNY 2,177,194,397.99, slightly higher than CNY 2,136,652,137.42 in the previous year, showing a marginal increase of about 1.89%[17] Exchange Rate Impact - The impact of exchange rate changes on cash and cash equivalents was CNY 131,986,444.47, compared to CNY 32,473,840.40 in the previous year, reflecting a significant increase[18]

Fleet and Operations - As of June 30, 2022, the company operated a fleet of 161 oil tankers with a total deadweight tonnage of 23.65 million tons, maintaining the largest oil tanker fleet globally[7]. - The company has invested in 49 LNG vessels, all of which are project vessels, providing stable revenue, with 38 vessels already in operation and a total capacity of 6.42 million cubic meters[8]. - The company is a leader in China's LNG transportation industry and a significant player in the global LNG market, benefiting from strong demand for oil and gas imports in China[8]. - The company's coastal oil transportation business serves as a safety cushion for operational performance, while international oil transportation provides strong cyclical flexibility[10]. - The company’s fleet covers all major oil tanker types, ensuring comprehensive service offerings to clients[7]. - The company has expanded its LNG fleet to 49 vessels, enhancing its operational capacity in the LNG transportation sector[22]. Financial Performance - The main business revenue reached RMB 7.475 billion, representing a year-on-year increase of 23.0%[16]. - Net profit attributable to shareholders was RMB 178 million, a decrease of 69.5% compared to the previous year[16]. - The average daily earnings for the TD3C route (Middle East to China) was -$9,334, marking a historical low due to oversupply and high fuel prices[12]. - The group’s fleet consisted of 161 oil tankers with a total capacity of 23.65 million deadweight tons, a decrease of 5 vessels and 1.59 million deadweight tons from the end of 2021[16]. - The company’s total revenue for the first half of 2022 reached RMB 7,474.98 million, an increase of 8.3% year-on-year[19]. - The total profit before tax for the period was RMB 435,647,000, a significant decrease from RMB 875,208,000 in the previous year, reflecting a decline of approximately 50.3%[121]. Costs and Expenses - The main business cost was RMB 6.851 billion, up 32.8% year-on-year, leading to a decrease in gross margin by 6.8 percentage points[16]. - Fuel costs increased by 62.9% year-on-year to RMB 2,358,562,000 due to rising oil prices influenced by the Russia-Ukraine conflict[24]. - Crew costs rose by 32.1% year-on-year to RMB 1,098,384,000, primarily due to market conditions and increased pandemic-related expenses[24]. - Charter costs surged by 89.7% year-on-year to RMB 850,886,000, driven by higher demand in the oil transportation sector[24]. - The total operating cost for the first half of 2022 was RMB 6,851.13 million, reflecting a year-on-year increase of 23.0%[19]. Strategic Initiatives - The company has established strategic partnerships with major oil companies and independent refineries, enhancing its business development and value creation capabilities[8]. - The company aims to transition towards being a resource integrator and solution provider in the energy transportation sector[8]. - The group implemented six strategic measures to enhance operational efficiency and prepare for future recovery in a volatile oil transportation market[16]. - The company plans to enhance customized services for global customers, ensuring a stable energy supply chain and optimizing operational capacity[54]. - The company will enhance its compliance and risk control systems to ensure stable fleet operations and effective pandemic response measures[55]. Market Outlook - The company expects a 6.2% increase in crude oil tanker demand and a 4.6% increase in supply for 2022, with VLCC demand increasing by 5.9%[50]. - The company anticipates that the international oil transportation market will see a recovery in the second half of 2022, driven by the restructuring of oil trade due to the decoupling of Europe from Russian oil[50]. - Domestic oil transportation demand is expected to stabilize, with increased transportation needs from major refining projects coming online in Q3[51]. - Global LNG trade volume is expected to reach 392 million tons in 2022, a year-on-year increase of 5.4%[52]. Financial Position - The total debt increased to RMB 27,899,630,000, resulting in a net debt-to-equity ratio of 78% as of June 30, 2022, up from 73% at the end of 2021[32]. - The company's total liabilities increased significantly, reflecting a strategic approach to leverage for growth and expansion in the energy transportation sector[36]. - The company reported a total comprehensive income of RMB 1,149,365 thousand for the period, compared to RMB 980,346 thousand in 2021[96]. - The total assets as of June 30, 2022, amounted to RMB 63,053,183 thousand, an increase from RMB 59,388,937 thousand at the end of 2021[97]. - The company believes it can secure sufficient financing for normal operations and capital expenditure for at least the next twelve months[106]. Governance and Compliance - The company has established five specialized committees, including the Audit Committee, Compensation and Assessment Committee, Strategic Committee, Nomination Committee, and Risk Control Committee, to enhance governance[78]. - The company confirmed compliance with the Corporate Governance Code during the reporting period[84]. - The Audit Committee, consisting of three independent non-executive directors, reviewed the interim performance and agreed with the accounting treatment adopted by the company[79]. Employee and Management - As of June 30, 2022, the total number of employees was 7,821, an increase from 7,435 on June 30, 2021[16]. - Employee costs for the reporting period amounted to approximately RMB 1.683 billion, compared to approximately RMB 1.233 billion in the same period of 2021[16]. - The total salary, bonuses, and other allowances for key management personnel increased to RMB 6,009,000 from RMB 5,319,000, an increase of 13%[192]. Investments and Capital Expenditures - The company has invested approximately RMB 1.526 billion in shipbuilding and acquisition expenses in the first half of 2022[48]. - The company has capital commitments for shipbuilding and purchases amounting to RMB 8,293,277,000 as of June 30, 2022, compared to RMB 6,924,783,000 at the end of 2021[29]. - The company has ongoing shipbuilding projects funded through loans from non-controlling shareholders, indicating a focus on expanding its fleet capabilities[175]. Joint Ventures and Associates - The group’s joint ventures generated revenue of approximately RMB 1,452,000,000, with a net profit of RMB 739,000,000, representing a 7.2% increase year-on-year[25]. - The total value of investments in non-significant joint ventures increased to RMB 1,876,442,000 as of June 30, 2022, compared to RMB 1,398,458,000 at the end of 2021[152]. - The company received dividends from associates amounting to RMB 200,000,000, down from RMB 240,000,000 in the previous year[144].

Financial Performance - The total operating revenue for the first quarter of 2022 was RMB 3,477,722,215.51, representing a year-on-year increase of 13.02%[5] - The net profit attributable to shareholders of the listed company was RMB 25,027,949.60, showing a significant decrease of 92.70% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 26,398,691.65, down 92.28% year-on-year[5] - The basic earnings per share were RMB 0.0053, reflecting a decrease of 92.63% compared to the previous year[5] - The net cash flow from operating activities was RMB -327,897,846.48, a decline of 163.63% year-on-year[5] - The net profit for Q1 2022 was RMB 106 million, a decrease of 73.65% year-on-year, with a profit attributable to shareholders of RMB 25 million, down 92.70% year-on-year[16] - Operating profit for Q1 2022 was RMB 163,992,510.71, down 65.6% from RMB 476,389,538.60 in Q1 2021[22] - Net profit for Q1 2022 decreased to RMB 106,213,597.37, compared to RMB 403,032,056.68 in Q1 2021, representing a decline of 73.7%[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 59,737,257,754.29, an increase of 0.59% from the end of the previous year[6] - The equity attributable to shareholders of the listed company was RMB 28,602,929,357.31, showing a slight increase of 0.04% compared to the previous year[6] - As of March 31, 2022, total assets amounted to RMB 59.737 billion, compared to RMB 59.389 billion as of December 31, 2021[19] - Current liabilities totaled RMB 12.873 billion as of March 31, 2022, down from RMB 13.338 billion as of December 31, 2021[18] - The company reported a total equity of RMB 30.019 billion as of March 31, 2022, compared to RMB 29.922 billion as of December 31, 2021[19] - Total liabilities as of March 31, 2022, were RMB 20,004,295,966.43, compared to RMB 19,504,137,330.85 at the end of 2021, indicating an increase of 2.6%[21] Operational Highlights - The company's tanker capacity input for Q1 2022 was 208,053.54 million ton-days, an increase of 7.66% year-on-year, while the transportation volume (excluding time charter) was 45.7358 million tons, up 14.78% year-on-year[16] - The operating revenue for the tanker segment in Q1 2022 was RMB 3.167 billion, an increase of 14.73% year-on-year, while the operating cost was RMB 3.129 billion, up 22.22% year-on-year[16] - The company's gross profit margin for Q1 2022 was 1.19%, a decrease of 6.05 percentage points year-on-year[16] Cash Flow and Investments - Cash flow from operating activities in Q1 2022 showed a net outflow of CNY 327,897,846.48, contrasting with a net inflow of CNY 515,292,354.77 in Q1 2021[25] - Cash flow from investing activities in Q1 2022 resulted in a net outflow of CNY 1,158,710,209.28, compared to a net outflow of CNY 1,714,176,479.72 in Q1 2021[25] - Cash flow from financing activities in Q1 2022 generated a net inflow of CNY 643,882,130.37, while in Q1 2021 there was a net outflow of CNY 545,822,315.95[26] - Total cash and cash equivalents at the end of Q1 2022 were CNY 2,715,026,560.78, down from CNY 3,135,026,080.68 at the end of Q1 2021[26] Research and Development - Research and development expenses for Q1 2022 were RMB 1,707,214.98, a substantial increase from RMB 344,557.56 in Q1 2021, reflecting a growth of 394.5%[22] - Research and development expenses in Q1 2022 were CNY 1,707,214.98, significantly higher than CNY 344,557.56 in Q1 2021, reflecting increased investment in innovation[24] Shareholder Information - The total number of shareholders at the end of the reporting period was 83,040[9] - As of March 31, 2022, China COSCO Shipping Group directly held 619,426,195 A-shares, representing approximately 45.28% of the total issued share capital of the company[12] Future Strategy - The company plans to focus on market expansion and new product development as part of its future strategy[24] Board of Directors - The board of directors consists of executive directors Ren Yongqiang and Zhu Maijin, non-executive directors Zhang Qinghai and Liu Zhusheng, and independent non-executive directors Zhang Songsheng, Huang Weide, Li Runsheng, Zhao Jinsong, and Wang Zuwen[30]

Financial Performance - The total revenue from continuing operations for the year 2021 was RMB 12,644.7 million, a decrease of 22.3% compared to RMB 16,268.2 million in 2020[7]. - The loss before tax from continuing operations was RMB (4,527.3) million, compared to a profit of RMB 2,904.0 million in the previous year[7]. - The net profit attributable to the owners of the company for 2021 was RMB (4,985.4) million, down from RMB 2,381.4 million in 2020[7]. - The main business revenue for 2021 was RMB 12.645 billion, a decrease of 22.3% compared to the previous year, with a main business cost of RMB 11.772 billion, an increase of 2.0% year-on-year[18]. - The net profit attributable to shareholders was RMB -4.985 billion, a decrease of 309.3% year-on-year, and EBITDA was RMB -860 million, down 112.4% year-on-year[17]. - The company's revenue for the year ended December 31, 2021, was RMB 12,644.7 million, a decrease from RMB 16,734.2 million in 2020, reflecting a decline of approximately 24.9%[104]. - The gross profit for the same period was a loss of RMB 4,089.5 million, compared to a profit of RMB 3,881.6 million in 2020, indicating a significant downturn[104]. - The total operating costs for the main business reached approximately RMB 16.73 billion, an increase of 35.1% year-on-year[24]. Assets and Liabilities - Total assets as of December 31, 2021, amounted to RMB 59,388.9 million, a decrease from RMB 65,959.9 million in 2020[7]. - The total liabilities and non-controlling interests were RMB (30,797.9) million, compared to RMB (31,338.0) million in 2020[7]. - The equity attributable to owners of the company was RMB 28,591.0 million, down from RMB 34,621.8 million in 2020[7]. - As of December 31, 2021, the net debt to equity ratio increased to 73% from 59% in 2020, primarily due to losses leading to a decrease in equity[30]. - Total debt as of December 31, 2021, was RMB 25,463,130,000, a decrease from RMB 26,034,274,000 in 2020[30]. Fleet and Operations - As of December 31, 2021, the company owned and controlled a fleet of 166 oil tankers with a total capacity of 25.24 million deadweight tons, including 154 owned vessels (21.86 million deadweight tons) and 12 chartered vessels (3.38 million deadweight tons)[10]. - The company is focusing on the development of VLCC pool operations to improve fleet efficiency and effectiveness[4]. - The company's transportation volume (excluding time charter) reached 167.29 million tons, up 4.1% year-on-year, while the transportation turnover was 507.7 billion ton-miles, an increase of 4.5% year-on-year[17]. - The company is a leader in China's LNG transportation sector, participating in the investment of 47 LNG vessels, all of which are project vessels, ensuring stable revenue[10]. - The company has established strong partnerships with major oil companies and independent refineries, enhancing its business development and value creation capabilities[10]. Market Conditions - The overall oil transportation market faced challenges in 2021 due to rising fuel prices, impacting the operational environment for international tanker owners[13]. - The international oil transportation market remained sluggish in 2021, prompting the company to focus on cost reduction and efficiency improvement to mitigate impacts on overall performance[17]. - The global fleet of VLCCs saw a net increase of 18 vessels in 2021, with 35 delivered and 17 scrapped, contributing to an oversupply in the oil transportation market[13]. - Global oil consumption in 2021 was approximately 96.3 million barrels per day, representing a year-on-year increase of about 6.1%[13]. Strategic Initiatives - The company aims to enhance its global market share and service capabilities in line with the "Belt and Road" initiative[5]. - The company plans to increase investment in LNG vessels and accelerate the implementation of LNG transportation projects[17]. - The company is actively pursuing LNG transportation projects and has established a Hong Kong LNG ship management company to support the LNG industry chain development[55]. - The company is prioritizing the development of LNG and new energy transportation as part of its strategic growth initiatives[52]. Governance and Compliance - The company has established a robust internal control and risk management system, integrating quality and risk control frameworks to enhance operational efficiency[59]. - The company has adopted a "three lines of defense" model for risk management, involving various departments and an independent audit function[60]. - The board of directors is responsible for formulating and reviewing corporate governance policies and practices[69]. - The company is committed to maintaining compliance with corporate governance codes and regulations[79]. - The company has established a dedicated investor relations management department to enhance communication and transparency with investors[100]. Environmental and Social Responsibility - The group emphasizes environmental management and aims for sustainable development through initiatives like low-speed sailing and pollution reduction[117]. - The company made charitable donations of approximately RMB 20 million in 2021, an increase from RMB 8.49 million in 2020[118]. - The company is committed to reducing carbon emissions by exploring low-carbon and zero-carbon fuel technologies in response to new IMO regulations[56]. Future Outlook - In 2022, global oil consumption is projected to return to pre-pandemic levels, with OPEC+ potentially increasing production by 400,000 barrels per day[48]. - The company plans to add 2 new oil tankers in 2022, bringing the total to 168 oil tankers with a deadweight tonnage of 25.61 million tons[53]. - The company anticipates achieving operating revenue of RMB 14.42 billion and operating costs of RMB 13.01 billion in 2022[53]. - The company aims to further expand its market and achieve stable growth to provide good returns to shareholders in the coming year[194].

Fleet and Market Position - As of June 30, 2021, the company owned and controlled a total of 165 oil tankers with a deadweight tonnage of 24.91 million tons, making it the largest oil tanker owner globally[6]. - The company holds over 55% market share in China's coastal crude oil transportation sector, maintaining its position as the industry leader[6]. - The company has invested in 41 LNG vessels, all tied to specific LNG projects, with 38 vessels currently in operation, totaling 642,000 cubic meters[7]. - The company completed the acquisition of PetroChina's refined oil fleet in March 2018, enhancing its position in the coastal refined oil transportation market[6]. - The company is positioned as a leading player in the LNG transportation market, contributing to its significant role in the global LNG transportation sector[7]. - The company signed 141 new oil tanker orders in the first half of 2021, including 31 VLCC orders, approaching the total order volume for VLCCs in 2020[12]. - The average age of tankers over 15 years old accounted for 27% of the fleet, indicating significant potential for fleet renewal[12]. Financial Performance - The company's main business revenue was RMB 6.078 billion, a decrease of 37.1% compared to the same period last year[12]. - The net profit attributable to shareholders was RMB 582 million, a significant decrease of 80.3% year-on-year[12]. - The company's EBITDA was RMB 2.699 billion, a decrease of 49.6% year-on-year[12]. - In the first half of 2021, the company's oil transportation volume reached 81.25 million tons, a year-on-year increase of 0.2%[12]. - Revenue for the six months ended June 30, 2021, was RMB 6,078,251 thousand, a decrease of 37.5% compared to RMB 9,669,499 thousand in 2020[90]. - Gross profit for the same period was RMB 920,274 thousand, down 74.9% from RMB 3,667,551 thousand in 2020[90]. - Profit before tax decreased to RMB 875,208 thousand, a decline of 73.5% from RMB 3,294,078 thousand in the previous year[90]. - Net profit for the period was RMB 743,873 thousand, down 76.0% compared to RMB 3,094,293 thousand in 2020[91]. Operational Efficiency and Cost Management - The company’s coastal oil transportation and LNG transportation businesses provide stable revenue, acting as a safety cushion for overall performance[7]. - The total operating costs for the first half of 2021 were RMB 5.158 billion, a decrease of 14.1% year-on-year, with significant reductions in fuel costs by 18.1% and repair costs by 40.3%[21]. - Fuel consumption decreased by 8.7% compared to the same period last year, while fuel procurement prices were lower than the market average, leading to cost savings[20]. - The company implemented five strategic measures to improve operational performance, including diversifying business strategies and enhancing safety risk management[12]. - The company adjusted its ship repair plan to 32 vessels for the year, effectively reducing operational days during a market downturn and positioning for future market recovery[17]. Debt and Financial Position - As of June 30, 2021, the total debt of the group was RMB 25,120,894,000, a decrease from RMB 26,034,274,000 as of December 31, 2020[28]. - The net debt-to-equity ratio as of June 30, 2021, was 60%, slightly up from 59% at the end of 2020[28]. - Cash and cash equivalents decreased by RMB 1,111,750,000, or 23%, to RMB 3,758,213,000 as of June 30, 2021[28]. - The group had bank and other interest-bearing loans totaling RMB 19,799,595,000 as of June 30, 2021, down from RMB 20,391,723,000 at the end of 2020[35]. - The total bond payable as of June 30, 2021, was RMB 2,497,018,000, unchanged from the previous period[36]. Future Outlook and Strategic Initiatives - The company anticipates a 4% increase in oil consumption in the second half of 2021, with expected daily consumption of 99.6 million barrels[46]. - The company expects stable and healthy growth in tanker capacity in the second half of 2021, supported by a low delivery volume of new ships[46]. - The company plans to optimize its fleet structure by incorporating low-carbon and energy-efficient vessels while phasing out older capacities[50]. - The company aims to enhance green development by leveraging digital management to reduce carbon emissions and align with industry carbon reduction requirements[50]. - The company will focus on international LNG transportation project development, capitalizing on the global refining capacity coming online[51]. Shareholder and Governance Information - As of June 30, 2021, China Shipping Group Co., Ltd. holds 1,536,924,595 shares, representing 44.33% of the total issued share capital[59]. - China Merchants holds 2,156,350,790 shares, accounting for 62.20% of the total issued share capital[59]. - The total issued share capital of the company as of June 30, 2021, is 4,762,691,885 shares, with 1,296,000,000 shares being H shares and 3,466,691,885 shares being A shares[62]. - The company is focused on maintaining transparency regarding shareholder interests and compliance with securities regulations[62]. - The company established a risk control committee in 2019 to enhance governance and risk management functions[78]. Employee and Management Information - As of June 30, 2021, the total number of employees was 7,435, an increase from 6,876 on June 30, 2020[80]. - Employee costs for the reporting period amounted to approximately RMB 1.233 billion, compared to approximately RMB 968 million in the same period of 2020[80]. - The company has appointed new executives, including Mr. Ren Yongqiang as the new chairman, effective August 5, 2021[56]. Risk Management and Compliance - The company continues to manage various financial risks, including market risk, credit risk, and liquidity risk, with no major changes in risk management policies since the end of last year[105]. - The company has adopted the Listing Rules Appendix 10 as a code for securities trading by its directors, ensuring compliance[79]. - The audit committee reviewed the interim performance and agreed with the accounting treatment methods adopted by the company[74].

Fleet and Operations - As of June 30, 2019, the company owned and controlled a fleet of 151 oil tankers with a total capacity of 22.88 million deadweight tons, including 137 owned vessels (19.02 million deadweight tons) and 14 chartered vessels (2.87 million deadweight tons) [4] - The company has invested in 38 LNG vessels, with 30 currently in operation (5.04 million cubic meters) and 8 under construction (1.39 million cubic meters) [6] - The company is recognized as the largest oil tanker owner globally, reflecting its significant operational scale [4] - The company’s operational model includes spot market charters, time charters, and contracts of affreightment (COA), maximizing fleet utilization [4] - The company completed the acquisition of China National Petroleum Corporation's refined oil fleet in March 2018, enhancing its position in the coastal refined oil transportation market [4] - The company is collaborating with Dalian Shipbuilding Industry Group to develop the world's first LNG dual-fuel VLCC, compliant with EEDI PHASE III standards [18] Market Position and Revenue - The company holds over 55% market share in the coastal crude oil transportation sector in China, maintaining its position as the industry leader [4] - The company’s coastal oil transportation business and LNG transportation business provide stable revenue, acting as a safety cushion for overall performance [7] - The foreign trade oil transportation revenue was RMB 3,977.11 million, up 52.26% year-on-year, with a gross profit of RMB 446 million, reflecting a 201.56% increase [18] - The domestic oil transportation revenue reached RMB 2,376.75 million, a 29.47% increase year-on-year, with a gross margin of 23.62%, down 6.50 percentage points [18] - The company maintained over 55% market share in domestic crude oil transportation and achieved a 70.42% increase in domestic refined oil transportation revenue [18] Financial Performance - The company's main business revenue amounted to RMB 7.059 billion, a year-on-year increase of 40.16% [13] - The EBITDA for the first half of 2019 was RMB 2.862 billion, reflecting an increase of 81.78% year-on-year [13] - The total revenue for the first half of 2019 reached RMB 7,058.64 million, representing a year-on-year increase of 40.16% [15] - The average daily earnings for VLCC on the Middle East to East route (TD3C) was $20,360, representing a year-on-year increase of 136.1% [10] - The average daily earnings for Suezmax on the West Africa to Europe route (TD20) was $13,731, showing a year-on-year increase of 158.8% [10] - The average daily earnings for Aframax on the Kuwait to Singapore route (TD8) was $12,183, which is a 294.0% increase year-on-year [10] - The LNG transportation segment contributed a pre-tax profit of RMB 286 million, marking a year-on-year growth of 38.60% [13] Cash Flow and Financial Position - The net cash generated from operating activities was approximately RMB 2,696,446,000, an increase of about 633% compared to RMB 367,619,000 in the same period last year [25] - As of June 30, 2019, cash and cash equivalents totaled RMB 4,211,405,000, reflecting a 21.44% increase from the previous year-end [26] - The net debt-to-equity ratio decreased to 89% from 94% at the end of 2018, primarily due to a reduction in borrowings during the reporting period [27] - The company’s total liabilities as of June 30, 2019, were RMB 24,872,185,000, compared to RMB 25,800,939,000 as of December 31, 2018, showing a decrease of about 3.6% [36] - The total bank and other interest-bearing loans amounted to RMB 24,872,185,000 as of June 30, 2019, compared to RMB 25,800,939,000 as of December 31, 2018, indicating a decrease of about 3.6% [36] Strategic Initiatives and Future Plans - The company plans to accelerate its strategic transformation towards becoming a full-service oil tanker transportation provider while advancing into emerging markets and new business areas in the second half of 2019 [49] - The company is accelerating the development of its LNG transportation business and is actively promoting key projects, particularly in the Arctic routes, in collaboration with China National Petroleum Corporation [50] - The company aims to enhance operational efficiency and profitability by integrating domestic and international trade resources and strengthening business collaboration with joint ventures [50] - The company plans to increase the proportion of high-revenue routes by expanding its customer base in Europe, America, and India while enriching its shipping routes and cargo structure [50] Corporate Governance and Management - The company has established four specialized committees within the board: Audit Committee, Remuneration and Assessment Committee, Strategic Committee, and Nomination Committee, to enhance governance and accountability [66][68][69][70] - The company is actively reviewing its corporate governance practices to ensure compliance with the latest developments and revisions of the Corporate Governance Code [66] - The company proposed a non-public issuance of A-shares not exceeding 806,406,572 shares, pending approval from the China Securities Regulatory Commission [74] - The company has adopted the Corporate Governance Code and confirmed compliance by all directors and senior management during the reporting period [71] Employee and Talent Management - The total number of employees as of June 30, 2019, was 6,720, a decrease from 7,021 on June 30, 2018 [72] - Employee costs for the reporting period amounted to approximately RMB 886 million, compared to approximately RMB 723 million in the same period of 2018, representing a year-on-year increase of about 22.6% [72] - The company is deepening reforms to stimulate team vitality and has designed talent development pathways to encourage outstanding employees [50] Related Party Transactions and Guarantees - The company has provided guarantees for lease agreements totaling up to USD 167,000,000 (approximately RMB 1,148,075,000) for joint ventures related to the Yamal LNG transportation project [40] - The company has provided financial guarantees amounting to USD 377.5 million (approximately RMB 2,595,199,000) to three joint ventures, covering 50% of the bank loans provided by two banks [181] - The company reported an increase in accounts payable to related parties, with RMB 645,299 thousand owed to subsidiaries as of June 30, 2019, compared to RMB 468,505 thousand in the previous year [174] Financial Reporting and Compliance - The interim financial data has been approved by the board on August 29, 2019, and is presented in RMB, rounded to the nearest thousand [89] - The financial data is prepared in accordance with HKAS 34 and HKFRS 5, focusing on interim financial reporting and business combinations [90] - The financial data has not been audited, indicating a preliminary assessment of the company's financial position [89]