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Oil and gas tanker shipping arm of the COSCO Shipping group, transporting crude, products and LNG.
Oil and gas tanker shipping arm of the COSCO Shipping group, transporting crude, products and LNG.
Is paid freight per voyage or charter hire per day, with much of its crude fleet working for Chinese state oil companies, and the rest on the spot market, so freight rates swing earnings. LNG carriers are chartered on long-term contracts, which are steadier. This is the Hong Kong-listed share class; COSCO Shipping group, a state-owned company, controls it.
In one line: A Chinese state-affiliated tanker shipping operator.
Moat: narrow (scale, installed base). Large tanker fleet scale but tanker rates are a cyclical, commoditized market.
Headquarters: Shanghai, China · Founded: 1993 · Employees: 7,979
Size COSCO SHIPPING Energy Transportation (1138.HK) is a Hong Kong Industrials company (Marine Shipping) with a market value of $12.8B, the 132nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$15.52 on 6 Nov 2026.
Performance Over six months the shares fell 21.7%, against +16.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 22.0% over the last twelve months (peer median -1.6%); the operating margin is 30.6% (peer median 13.8%).
Valuation It trades at 4.7× forward earnings against a peer median of 9.0× (2nd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.6 points above its cost of capital (6.4% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$30.5B | HK$25.7B | HK$25.1B | HK$24.9B | HK$21.6B |
| Revenue growth | — | +2% | +1% | +15% | — |
| Gross profit | HK$10.9B | HK$6.62B | HK$6.78B | HK$7.28B | HK$3.96B |
| EBITDA | HK$13.9B | HK$9.44B | HK$9.37B | HK$9.43B | HK$6.06B |
| Net income | HK$7.54B | HK$4.38B | HK$4.38B | HK$3.73B | HK$1.70B |
| Free cash flow | HK$1.43B | HK$1.25B | HK$97.1M | HK$2.77B | -HK$542M |
| Capital expenditure | HK$10.8B | HK$6.11B | HK$8.55B | HK$6.32B | HK$5.17B |
| Total debt | n/a | HK$39.5B | HK$38.8B | HK$33.2B | HK$33.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| COSCO SHIPPING Energy Transportation 1138.HK | $12.8B | -22% | +22% | 31% | 4.7× | 0.5% |
| China Merchants Energy Shipping 601872.SS | $19.6B | -8% | +60% | 39% | 6.3× | -9.5% |
| Teekay Tankers TNK | $2.97B | +3% | +19% | 39% | 3.5× | n/a |
| Frontline FRO | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1138.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.6% | -3.7% | 2nd lowest of 21 |
| 6-month return | -21.7% | +16.5% | lowest of 21 |
| Distance from 52-week high | -30.7% | -14.8% | lowest of 21 |
| Revenue growth (TTM) | +22.0% | -1.6% | 3rd highest of 21 |
| Operating margin | 30.6% | 13.8% | 3rd highest of 21 |
| Forward P/E | 4.7× | 9.0× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 0.5% | -1.8% | 7th most demanding of 18 |
| Growth delivered (Del g) | +7.1% | +9.2% | 6th lowest of 18 |
| Hurdle (Req g minus delivered) | -6.5 pp | -13.0 pp | 8th most demanding of 18 |
| ROIC minus cost of capital | +2.6 pp | +1.8 pp | 9th highest of 21 |
| EV / EBITDA | 9.2× | 7.8× | 7th most expensive of 17 |
| Net debt / EBITDA | 1.7× | 0.4× | 4th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| COSCO SHIPPING Energy Transportation 1138.HK | Hong Kong | $12.8B | -22% | +22% | 31% | 4.7× | 0.5% | +7.1% |
| OOIL 0316.HK | Hong Kong | $12.8B | +10% | -8% | 10% | 5.9× | -2.3% | +3.6% |
| Kawasaki Kisen Kaisha 9107.T | Japan | $11.0B | +17% | +11% | 8% | 9.4× | 7.3% | +10.2% |
| Mitsui O.s.k. Lines 9104.T | Japan | $15.0B | +10% | +20% | 6% | 7.3× | n/a | n/a |
| HMM 011200.KS | South Korea | $15.3B | +8% | -5% | 11% | 9.7× | -1.8% | +11.2% |
| Ningbo Zhoushan Port 601018.SS | China | $10.4B | -4% | +12% | 16% | n/a | -7.3% | +7.6% |
| SITC International 1308.HK | Hong Kong | $15.8B | +34% | +5% | 34% | 10.7× | -0.4% | +15.3% |
| Evergreen Marine Corp(taiwan) 2603.TW | Taiwan | $16.1B | +28% | -20% | 15% | 5.0× | -9.1% | +12.9% |
| Nippon Yusen Kabushiki Kaisha 9101.T | Japan | $16.8B | +17% | 0% | 6% | 9.0× | 7.8% | +8.5% |
| Wan Hai Lines 2615.TW | Taiwan | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% | +11.4% |
| China Merchants Energy Shipping 601872.SS | China | $19.6B | -8% | +60% | 39% | 6.3× | -9.5% | +5.4% |
| Wallenius Wilhelmsen WAWI.OL | Norway | $7.58B | +29% | -11% | 25% | 10.4× | -6.6% | +21.0% |
| Hapag-Lloyd HLAG.DE | Germany | $25.1B | +11% | -9% | 2% | 18.5× | 34.4% | +7.8% |
| Kirby KEX | United States | $6.39B | -15% | +8% | 14% | 14.6× | 6.2% | +9.2% |
| Matson MATX | United States | $6.34B | +16% | 0% | 14% | 10.9× | 11.8% | +7.0% |
| Yang Ming Marine Transport 2609.TW | Taiwan | $6.03B | +14% | -22% | 6% | 6.5× | n/a | n/a |
| Kuehne & Nagel International KNIN.SW | Switzerland | $34.3B | +35% | +1% | 5% | 25.4× | 3.2% | +3.7% |
| COSCO Shipping Specialized Carriers 600428.SS | China | $4.40B | +25% | +37% | 19% | 8.9× | -17.9% | +27.0% |
| COSCO SHIPPING 1919.HK | Hong Kong | $38.5B | +20% | -5% | 13% | 6.0× | -8.7% | +4.3% |
| COSCO SHIPPING Development 601866.SS | China | $3.87B | -10% | -3% | 13% | 3.8× | n/a | n/a |
| Hoegh Autoliners HAUTO.OL | Norway | $3.64B | +20% | -4% | 30% | 9.6× | -0.1% | +16.4% |