On August 28, COSCO SHIPPING Specialized Carriers Co., Ltd. released its semi-annual report for 2025. During the reporting period, the company achieved operating revenue of RMB 10.775 billion, a year-on-year increase of 44.05%; net profit attributable to shareholders of the listed company was RMB 825 million, a year-on-year increase of 13.08%; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 835 million, a year-on-year increase of 52.77%.
The announcement shows that since 2025, the shipping market has been significantly volatile due to the impact of tariffs and geopolitical conflicts. Faced with external uncertainties, COSCO SHIPPING Specialized Carriers (COSCO Special Carriers) demonstrated strong resilience and achieved steady growth in its semi-annual performance by scaling up, innovating its business models, upgrading services, deepening strategic cooperation with leading industry customers, and strengthening the marketing of long-term base cargo and high-value-added cargo.
In the first half of the year, COSCO Special Carriers took delivery of 28 new vessels, increasing its fleet capacity by approximately 1.48 million deadweight tons (dwt). With the iterative upgrade of the newly delivered vessels, the main fleet has become larger, greener, and smarter, with enhanced cargo suitability. Its advantages in niche markets have been continuously consolidated. Its semi-submersible and multi-purpose heavy-lift fleets rank first globally in capacity, its multi-purpose pulp fleet ranks second in the world, and its car carrier fleet is growing at an accelerated pace, poised to become China’s largest foreign trade car carrier fleet by the end of the year. Meanwhile, the cargo structure has become more strategically focused, with the proportion of cargo such as wind power equipment, energy storage containers, engineering machinery, and commercial vehicles continuously increasing. Business volume in emerging markets, regional routes, and third-country trades has shown strong growth.
Currently, COSCO Special Carriers owns a specialized transportation fleet whose scale and comprehensive strength rank among the top in the world. As of June 30, 2025, COSCO Special Carriers owned and operated 179 vessels totaling 7.6253 million dwt, including 103 owned vessels of 3.1838 million dwt with an average age of 12.53 years, and 76 operating lease vessels of 4.4415 million dwt with an average age of 1.97 years.
By vessel type, the COSCO Special Carriers fleet comprises 33 multi-purpose vessels (owned), 34 heavy-lift vessels (24 owned, 10 operating lease), 57 pulp carriers (8 owned, 49 operating lease), 10 semi-submersible vessels (owned), 23 car carriers (6 owned, 17 operating lease), 10 timber carriers (owned), and 12 asphalt tankers (owned).
COSCO Special Carriers’ routes cover the globe, with its vessels sailing between over 1,600 ports in more than 160 countries and regions. Based in the Far East, its routes cover Europe, South America, Africa, the pan-Indian Ocean, and the pan-Pacific. The company is the only shipping company in the world with successful operational experience on both the Antarctic and Arctic routes.
Leveraging its multi-vessel type advantages, COSCO Special Carriers focuses on strategic sectors such as wind power equipment, advanced manufacturing, and commercial vehicles. It has successfully completed the transportation of multiple major projects, with advanced manufacturing shipment volume increasing by 61% year-on-year, helping accelerate the export of large domestic equipment. During the reporting period, the company successfully won a 10-year pulp transportation project, signed annual transportation agreements with several leading engineering machinery customers, and signed new Contracts of Affreightment (COA) with multiple /trading companies, achieving a dual improvement in market share and customer loyalty.
During the reporting period, using the 77,000 dwt multi-purpose pulp carrier as its core vessel, COSCO Special Carriers launched the BRICS Express weekly service product on the “Far East-East Coast South America” route, creating an efficient two-way trade corridor. It opened the direct “Zhangjiagang-Chancay” route, implemented customized services for South American stone and point-to-point pulp services for North Brazil, and established an intermodal transport通道 (channel) in Latin America centered on Chancay, significantly enhancing its networked fulfillment capability for serving the “export of national vehicles” and the “Belt and Road” initiative. It provided full-cycle services for BYD in Brazil covering “complete vehicles + parts,” built an integrated transportation and distribution solution for Shacman heavy-duty trucks overseas, expanded full-scenario transportation services for wind power clients like VESTAS and HMC, providing strategic customers with more stable and high-quality end-to-end logistics solutions.
Focusing on the construction of regional “base port clusters,” COSCO Special Carriers deepened cooperation with key ports such as Suzhou Port, Qingdao Port, and Guangzhou Port. By jointly developing route products, building operational platforms, and promoting the “one-port /unloading” model, it formed a virtuous cycle of “mutual promotion between cargo and vessels,” significantly improving vessel turnover efficiency. Centered on Piraeus Port and Chancay Port, it built a Mediterranean and South American automotive transshipment network, linking Brazil’s Vitoria Port and Sepetiba Port to form a “dual-core” hub in South America. Simultaneously, driven by the “core hub port + strategic pivot port” model, it strategically expanded key nodes like Bremen Port, strengthening its global supply chain network support.
Looking ahead to the second half of the year, the market situation is characterized by deeply intertwined risks and opportunities. The specialized vessel market features coexisting “short-term intensifying competition” and “long-term quality improvement and optimization.” The global popularity of “Made in China” remains high, with exports of advanced manufacturing such as new energy vehicles, engineering machinery, and wind power equipment, along with “Belt and Road” infrastructure projects, providing stable cargo support. Furthermore, the accelerated global energy transition and the continued strength of the offshore engineering market suggest that multi-purpose vessels, which are operationally flexible, highly cargo-adaptable, and offer high value-added, may continue their independent market trend.
In the future, COSCO Special Carriers will anchor its goal of becoming a global supply chain integrated solution provider that “can transport everything built and transport everything optimally.” It will steadfastly scale up, optimize, and strengthen its specialized fleet and supply chain network, solidify its development foundation with higher operational quality and efficiency, drive transformation and upgrading with stronger innovation momentum, lead future competition with greater digital and intelligent capabilities, and respond to risks and challenges with a more stable development posture. It will make every effort to ensure the successful conclusion of the “14th Five-Year Plan” and scientifically chart a new blueprint for the “15th Five-Year Plan” development.
