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 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].