TacticScaleWhat COSCO SHIPPING Energy Transportation (中远海能) Does & How It Makes Money (600026.SS)
Updated October 2026 · reflects COSCO SHIPPING Energy Transportation's latest reported financials
Chinese state-owned shipper moving oil and LNG by tanker worldwide. It earns freight and charter income by transporting oil, LNG and LPG for customers or leasing its vessels to others, plus fees from shipping agency services.
How COSCO SHIPPING Energy Transportation makes money
It earns freight and charter income by transporting oil, LNG and LPG for customers or leasing its vessels to others, plus fees from shipping agency services.
What COSCO SHIPPING Energy Transportation does
COSCO SHIPPING Energy Transportation, founded in 1994 and based in Shanghai, is a major Chinese carrier of oil and liquefied natural gas. As of the end of 2025 it owned 155 oil tankers totaling about 22.6 million deadweight tons. Another 18 tankers (about 3.0 million DWT) were under construction and 6 bareboat-chartered VLCCs (about 1.8 million DWT) were awaiting delivery. On the gas side, it has invested in 87 LNG vessels. That includes 63 in service with 10.66 million cubic meters of capacity and 24 under construction with 4.38 million cubic meters. It also ships LPG and provides vessel chartering and shipping agency services. Formerly named China Shipping Development, it adopted its current name in October 2016.
Products & services
- Oil tanker transportation
- LNG shipping
- LPG shipping
- Vessel chartering
- Shipping agency services
中远海能是做什么的？
中远海能成立于1994年，总部位于上海，是中国主要的油品和液化天然气海运企业，原名中海发展，2016年10月更为现名。截至2025年底，公司拥有油轮155艘，总运力约2257.6万载重吨。另有18艘在建油轮（约296万载重吨）和6艘光租VLCC（约184万载重吨）待交付。 在LNG业务方面，公司投资了87艘LNG船，其中63艘已投入运营，运力1066.2万立方米；24艘在建，运力437.5万立方米。公司还开展液化石油气运输、船舶租赁及船舶代理业务。
What is COSCO SHIPPING Energy Transportation worth?
On an owner-earnings DCF, COSCO SHIPPING Energy Transportation's most-likely value is about ¥1 versus a recent price near ¥22 (1383% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥1) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.
Today's $22 is above even the optimistic Bull case ($2) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.
⚠ High leverage — net debt is 17.5× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
⚠ Capital-intensive — this business reinvests heavily, so free cash flow runs well below its earnings. Fair value here is built on free cash flow, which understates owner earnings for reinvestment-heavy companies — read it as conservative.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
COSCO SHIPPING Energy Transportation trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 600026.SS | ¥21.65 | 18.6× |
| Hong Kong (H shares) | 1138.HK | HK$20.28 | 15.1× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
Related companies
COSCO SHIPPING Specialized Carriers (600428.SS) · China Merchants Energy Shipping (601872.SS) · COSCO SHIPPING (601919.SS)