Industry News
China Merchants and COSCO Tanker Earnings Surge on Soaring Middle East Freight Rates
China Merchants Energy Shipping and COSCO Shipping Energy reported sharp net profit increases for the first three quarters of 2026. The financial gains were driven by an extraordinary surge in crude freight rates on shipping routes connecting the Gulf and China. In September, rates on the Middle East export TD34 route rose from $200,000 to over $800,000 per day.
