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Tanker and dry-bulk shipping operator under China Merchants Group, carrying crude oil, LNG and bulk commodities.
Tanker and dry-bulk shipping operator under China Merchants Group, carrying crude oil, LNG and bulk commodities.
Hires out its ships either under long-term contracts to oil and utility customers or at spot rates, so the mix of the two decides how volatile income is. Tankers and bulk carriers are more tied to spot freight, while LNG carriers usually sail on long charters.
Moat: none (scale). Large tanker/bulk fleet but exposed to highly cyclical, commoditised freight-rate markets.
Headquarters: Shanghai, China · Founded: 2004 · Employees: 5,513
Size China Merchants Energy Shipping (601872.SS) is a China Industrials company (Marine Shipping) with a market value of $19.6B, the 116th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.17 on 6 Nov 2026.
Performance Over six months the shares fell 8.1%, against +16.5% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 19 in its peer set.
Growth Revenue grew 60.0% over the last twelve months (peer median -2.5%); the operating margin is 39.2% (peer median 12.0%).
Valuation It trades at 6.3× forward earnings against a peer median of 9.0× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.6 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¥41.3B | CN¥28.2B | CN¥25.7B | CN¥25.9B | CN¥29.7B |
| Revenue growth | — | +10% | -1% | -13% | — |
| Gross profit | CN¥20.4B | CN¥7.34B | CN¥7.12B | CN¥6.61B | CN¥6.41B |
| EBITDA | n/a | CN¥10.1B | CN¥9.45B | CN¥8.48B | CN¥8.30B |
| Net income | CN¥14.7B | CN¥6.01B | CN¥5.11B | CN¥4.84B | CN¥5.09B |
| Free cash flow | CN¥8.56B | CN¥1.44B | CN¥1.30B | CN¥4.69B | CN¥4.49B |
| Capital expenditure | CN¥8.71B | CN¥7.80B | CN¥7.55B | CN¥4.49B | CN¥2.70B |
| Total debt | CN¥32.8B | CN¥29.1B | CN¥24.2B | CN¥20.3B | CN¥27.5B |
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 |
|---|---|---|---|---|---|---|
| China Merchants Energy Shipping 601872.SS | $19.6B | -8% | +60% | 39% | 6.3× | -9.5% |
| COSCO SHIPPING Energy Transportation 600026.SS | $13.2B | -21% | +38% | 33% | 6.1× | -8.2% |
| Frontline FRO | $10.1B | +15% | +49% | 49% | 4.2× | -12.5% |
| DHT DHT | $3.33B | +9% | +39% | 57% | 3.8× | -11.7% |
| International Seaways INSW | $5.01B | +7% | +58% | 56% | 3.5× | -14.8% |
| Teekay Tankers TNK | $2.97B | +3% | +19% | 39% | 3.5× | n/a |
| Okeanis Eco Tankers ECO | $3.19B | +48% | +105% | 62% | 3.9× | -13.7% |
| Cmb.tech CMBT | $4.83B | +12% | +92% | 30% | 7.2× | n/a |
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 | 601872.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.6% | -4.8% | lowest of 19 |
| 6-month return | -8.1% | +16.5% | 3rd lowest of 19 |
| Distance from 52-week high | -29.6% | -15.2% | 2nd lowest of 19 |
| Revenue growth (TTM) | +60.0% | -2.5% | highest of 19 |
| Operating margin | 39.2% | 12.0% | highest of 19 |
| Forward P/E | 6.3× | 9.0× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -9.5% | -1.5% | 2nd least demanding of 17 |
| Growth delivered (Del g) | +5.4% | +8.2% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | -14.9 pp | -10.4 pp | 6th least demanding of 17 |
| ROIC minus cost of capital | +10.6 pp | +1.0 pp | 3rd highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Merchants Energy Shipping 601872.SS | China | $19.6B | -8% | +60% | 39% | 6.3× | -9.5% | +5.4% |
| Nippon Yusen Kabushiki Kaisha 9101.T | Japan | $16.8B | +17% | 0% | 6% | 9.0× | 7.8% | +8.5% |
| Evergreen Marine Corp(taiwan) 2603.TW | Taiwan | $16.1B | +28% | -20% | 15% | 5.0× | -9.1% | +12.9% |
| SITC International 1308.HK | Hong Kong | $15.8B | +34% | +5% | 34% | 10.7× | -0.4% | +15.3% |
| HMM 011200.KS | South Korea | $15.3B | +8% | -5% | 11% | 9.7× | -1.8% | +11.2% |
| Hapag-Lloyd HLAG.DE | Germany | $25.1B | +11% | -9% | 2% | 18.5× | 34.4% | +7.8% |
| Mitsui O.s.k. Lines 9104.T | Japan | $15.0B | +10% | +20% | 6% | 7.3× | n/a | n/a |
| COSCO SHIPPING Energy Transportation 600026.SS | China | $13.2B | -21% | +38% | 33% | 6.1× | -8.2% | +7.8% |
| OOIL 0316.HK | Hong Kong | $12.8B | +10% | -8% | 10% | 5.9× | -2.3% | +3.6% |
| Kuehne & Nagel International KNIN.SW | Switzerland | $34.3B | +35% | +1% | 5% | 25.4× | 3.2% | +3.7% |
| Kawasaki Kisen Kaisha 9107.T | Japan | $11.0B | +17% | +11% | 8% | 9.4× | 7.3% | +10.2% |
| Ningbo Zhoushan Port 601018.SS | China | $10.4B | -4% | +12% | 16% | n/a | -7.3% | +7.6% |
| COSCO SHIPPING 1919.HK | Hong Kong | $38.5B | +20% | -5% | 13% | 6.0× | -8.7% | +4.3% |
| Wan Hai Lines 2615.TW | Taiwan | $9.12B | +40% | -14% | 22% | 5.8× | -12.0% | +11.4% |
| A.P. Moller - Maersk A/S MAERSK-A.CO | Denmark | $47.6B | +44% | -8% | 5% | 5.9× | -1.3% | +6.6% |
| Wallenius Wilhelmsen WAWI.OL | Norway | $7.58B | +29% | -11% | 25% | 10.4× | -6.6% | +21.0% |
| 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 |