Tanker shipping companies report surging profits amid high freight rates

Major shipping companies reported significant profit increases for the first half of 2026, driven by surging international tanker freight rates.

COSCO Shipping Energy Transportation reported a 140.6 per cent rise in net profit, reaching CNY4.556 billion ($668.9 million). The company attributed the earnings boost to higher tanker rates following navigation disruptions in the Strait of Hormuz. International oil shipping revenue rose 44 per cent year-on-year, while the company redirected 14 very large crude carriers to avoid disrupted routes and maintain operations.

Capital Tankers Corp, owned by Evangelos Marinakis, also saw strong results, reporting a $92.9 million net profit for the second quarter. The company’s performance was bolstered by heavy exposure to the spot market, which accounted for 83 per cent of its total fleet employment. The firm reported total revenue of $148.6 million for the quarter, with Suezmax tankers achieving average spot daily rates of $166,754.