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Ningbo-based dry-bulk and coastal shipping company transporting commodities along China's coast.
Ningbo-based dry-bulk and coastal shipping company transporting commodities along China's coast.
Moves bulk cargo by ship and is paid freight per tonne, set partly by contracts with big power and steel customers and partly by spot rates. Earnings therefore depend on how full its fleet stays and on the gap between freight rates and fuel and ship-operating costs.
In one line: A Chinese regional dry-bulk shipping operator.
Moat: none. Coastal dry-bulk shipping is a fragmented, capacity-driven business with little differentiation.
Headquarters: Ningbo, Zhejiang, China · Employees: 856
Size Ningbo Ocean Shipping (601022.SS) is a China Industrials company (Marine Shipping) with a market value of $1.58B, the 1558th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.06 on 6 Nov 2026.
Performance Over six months the shares fell 6.9%, against +0.3% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 12.7% over the last twelve months (peer median +6.2%); the operating margin is 11.4% (peer median 16.5%).
Valuation It trades at 1.5× enterprise value to sales against a peer median of 2.5× (7th cheapest of 20).
Capital Return on invested capital runs 6.7 points above its cost of capital (5.6% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.78B | CN¥6.11B | CN¥5.27B | CN¥4.46B | CN¥4.75B |
| Revenue growth | — | +16% | +18% | -6% | — |
| Gross profit | CN¥1.36B | CN¥969M | CN¥807M | CN¥735M | CN¥962M |
| EBITDA | n/a | CN¥1.18B | CN¥992M | CN¥829M | CN¥1.03B |
| Net income | CN¥603M | CN¥654M | CN¥554M | CN¥504M | CN¥670M |
| Free cash flow | -CN¥116M | -CN¥77.3M | CN¥199M | -CN¥46.4M | CN¥308M |
| Capital expenditure | CN¥1.42B | CN¥1.49B | CN¥894M | CN¥879M | CN¥728M |
| Total debt | CN¥1.97B | CN¥1.03B | CN¥508M | CN¥696M | CN¥595M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ningbo Ocean Shipping 601022.SS | $1.58B | -7% | +13% | 11% | 1.5× | n/a |
| Shanghai Jinjiang Shipping (Group) 601083.SS | $2.75B | +17% | +11% | 24% | 1.7× | -18.7% |
| COSCO Shipping Specialized Carriers 600428.SS | $4.40B | +25% | +37% | 19% | 1.4× | -17.9% |
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 | 601022.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.7% | -6.2% | 8th highest of 21 |
| 6-month return | -6.9% | +0.3% | 7th lowest of 20 |
| Distance from 52-week high | -29.2% | -14.9% | 3rd lowest of 21 |
| Revenue growth (TTM) | +12.7% | +6.2% | 7th highest of 20 |
| Operating margin | 11.4% | 16.5% | 8th lowest of 20 |
| EV / Sales | 1.5× | 2.5× | 7th cheapest of 20 |
| ROIC minus cost of capital | +6.7 pp | +0.1 pp | 3rd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Ocean Shipping 601022.SS | China | $1.58B | -7% | +13% | 11% | 1.5× | n/a | n/a |
| NS United Kaiun Kaisha,Ltd 9110.T | Japan | $1.58B | +39% | +11% | 11% | 0.9× | -5.0% | +10.7% |
| Costamare CMRE | United States | $1.54B | -28% | -42% | 44% | 3.4× | -6.9% | +13.0% |
| MITSUI-SOKO 9302.T | Japan | $1.52B | -22% | +6% | 7% | 1.0× | -1.6% | +3.4% |
| U-Ming Marine Transport 2606.TW | Taiwan | $1.70B | +6% | +13% | 29% | 4.3× | -3.8% | +12.8% |
| Dampskibsselskabet NORDEN A/S DNORD.CO | Denmark | $1.46B | +15% | +7% | 3% | 0.5× | n/a | n/a |
| Global Ship Lease GSL | United States | $1.41B | -8% | +6% | 48% | 2.0× | -15.2% | +22.1% |
| Stolt-Nielsen SNI.OL | Norway | $1.82B | +4% | -5% | 11% | 1.3× | -4.5% | +9.5% |
| Solstad Maritime SOMA.OL | Norway | $1.36B | -6% | +17% | 40% | 2.6× | -2.5% | +22.7% |
| CSSC (Hong Kong) Shipping 3877.HK | Hong Kong | $1.85B | -4% | -10% | 60% | 9.6× | -3.2% | +14.9% |
| Sumitomo Warehouse 9303.T | Japan | $1.87B | +4% | +2% | 6% | 1.7× | 11.3% | +0.4% |
| Dfds A/s DFDS.CO | Denmark | $1.33B | +8% | +3% | 3% | 0.7× | 4.6% | +17.2% |
| Clarkson CKN.L | United Kingdom | $1.90B | -5% | +15% | 14% | 1.5× | 5.2% | +12.0% |
| PanOcean 028670.KS | South Korea | $1.91B | -12% | +24% | 9% | 0.4× | n/a | n/a |
| Rizhao Port 600017.SS | China | $1.26B | -7% | +3% | 13% | 3.8× | n/a | n/a |
| MPC Container Ships MPCC.OL | Norway | $1.26B | 0% | -15% | 37% | 2.5× | -13.3% | +27.1% |
| Capital Clean Energy Carriers CCEC | United States | $1.24B | +3% | +5% | 50% | 9.4× | n/a | n/a |
| Wisdom Marine Lines 2637.TW | Taiwan | $2.13B | +28% | +10% | 33% | 5.0× | -1.8% | +7.2% |
| Volare Shipping VLCC.OL | Norway | $1.17B | n/a | n/a | n/a | n/a | n/a | n/a |
| Great Eastern Shipping GESHIP.NS | India | $2.16B | -8% | +24% | 42% | 3.3× | 8.2% | +10.1% |
| Genco Shipping & Trading GNK | United States | $1.13B | 0% | +26% | 17% | 3.1× | n/a | n/a |