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COSCO Shipping unit operating specialized heavy-lift and multi-purpose vessels for oversized and project cargo.
COSCO Shipping unit operating specialized heavy-lift and multi-purpose vessels for oversized and project cargo.
Earns freight on carrying oversized and heavy project cargo, such as offshore structures and power equipment, some on long contracts and some on one-off charters, so volumes depend on a limited number of project shippers and rates swing with fleet supply. COSCO Shipping group controls it.
In one line: A Chinese Boskalis/Jumbo Shipping for heavy-lift cargo.
Moat: narrow (scale, installed base). Specialized heavy-lift fleet and COSCO group backing are not easily replicated.
Headquarters: Guangzhou, Guangdong, China · Employees: 5,548
Size COSCO Shipping Specialized Carriers (600428.SS) is a China Industrials company (Marine Shipping) with a market value of $4.40B, the 585th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.68 on 6 Nov 2026.
Performance Over six months the shares gained 24.8%, against +11.9% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 37.0% over the last twelve months (peer median +2.5%); the operating margin is 18.7% (peer median 22.9%).
Valuation It trades at 8.9× forward earnings against a peer median of 6.9× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -18% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -45 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.7 points above its cost of capital (5.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥29.2B | CN¥23.2B | CN¥16.8B | CN¥12.2B | CN¥12.2B |
| Revenue growth | — | +38% | +38% | 0% | — |
| Gross profit | CN¥10.3B | CN¥4.85B | CN¥3.60B | CN¥2.09B | CN¥2.65B |
| EBITDA | n/a | CN¥6.90B | CN¥4.27B | CN¥2.47B | CN¥2.91B |
| Net income | CN¥3.07B | CN¥1.78B | CN¥1.53B | CN¥1.06B | CN¥821M |
| Free cash flow | CN¥6.20B | CN¥4.74B | CN¥3.01B | CN¥978M | CN¥1.54B |
| Capital expenditure | CN¥2.26B | CN¥1.66B | CN¥636M | CN¥2.01B | CN¥864M |
| Total debt | CN¥17.3B | CN¥18.5B | CN¥15.1B | CN¥10.8B | CN¥9.63B |
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 Specialized Carriers 600428.SS | $4.40B | +25% | +37% | 19% | 8.9× | -17.9% |
| China Merchants Energy Shipping 601872.SS | $19.6B | -8% | +60% | 39% | 6.3× | -9.5% |
| Wallenius Wilhelmsen WAWI.OL | $7.58B | +29% | -11% | 25% | 10.4× | -6.6% |
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 | 600428.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.7% | -7.5% | 3rd highest of 21 |
| 6-month return | +24.8% | +11.9% | 6th highest of 21 |
| Distance from 52-week high | -14.7% | -17.9% | 10th highest of 21 |
| Revenue growth (TTM) | +37.0% | +2.5% | highest of 20 |
| Operating margin | 18.7% | 22.9% | 9th lowest of 21 |
| Forward P/E | 8.9× | 6.9× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -17.9% | -0.1% | 2nd least demanding of 16 |
| Growth delivered (Del g) | +27.0% | +10.1% | highest of 16 |
| Hurdle (Req g minus delivered) | -44.9 pp | -8.9 pp | least demanding of 16 |
| ROIC minus cost of capital | +14.7 pp | +1.2 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| COSCO Shipping Specialized Carriers 600428.SS | China | $4.40B | +25% | +37% | 19% | 8.9× | -17.9% | +27.0% |
| 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% |
| ZIM Integrated Shipping Services ZIM | United States | $3.37B | +5% | -25% | 6% | 3.7× | 2.7% | +11.6% |
| Yang Ming Marine Transport 2609.TW | Taiwan | $6.03B | +14% | -22% | 6% | 6.5× | n/a | n/a |
| Matson MATX | United States | $6.34B | +16% | 0% | 14% | 10.9× | 11.8% | +7.0% |
| Kirby KEX | United States | $6.39B | -15% | +8% | 14% | 14.6× | 6.2% | +9.2% |
| Star Bulk Carriers SBLK | United States | $2.99B | 0% | +6% | 28% | 5.7× | -0.1% | +8.5% |
| Shenzhen Yan Tian Port 000088.SZ | China | $2.97B | +2% | +19% | 12% | 16.5× | 21.8% | +10.1% |
| Shanghai Jinjiang Shipping (Group) 601083.SS | China | $2.75B | +17% | +11% | 24% | 11.3× | -18.7% | +15.2% |
| Danaos DAC | United States | $2.70B | +10% | +2% | 48% | 5.3× | -8.7% | +17.7% |
| Capital Tankers CAPT.OL | Norway | $2.57B | +45% | n/a | 37% | 7.3× | n/a | n/a |
| Wallenius Wilhelmsen WAWI.OL | Norway | $7.58B | +29% | -11% | 25% | 10.4× | -6.6% | +21.0% |
| Nanjing Tanker 601975.SS | China | $2.50B | -21% | +12% | 26% | 9.0× | -8.4% | +7.6% |
| T.S. Lines 2510.HK | Hong Kong | $2.48B | +38% | -4% | 19% | 5.8× | -6.9% | +9.8% |
| Navios Maritime Partners LP NMM | United States | $2.42B | +14% | +19% | 39% | 3.9× | n/a | n/a |
| Pacific Basin Shipping 2343.HK | Hong Kong | $2.22B | +6% | -6% | 6% | 9.0× | 7.9% | +7.3% |
| Great Eastern Shipping GESHIP.NS | India | $2.16B | -8% | +24% | 42% | 5.1× | 8.2% | +10.1% |
| Wisdom Marine Lines 2637.TW | Taiwan | $2.13B | +28% | +10% | 33% | 9.1× | -1.8% | +7.2% |
| Wan Hai Lines 2615.TW | Taiwan | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% | +11.4% |
| PanOcean 028670.KS | South Korea | $1.91B | -12% | +24% | 9% | 5.0× | n/a | n/a |