News Content

Cosco Shipping Holdings back in black as revenues soar 34.7pc

COSCO Shipping Holdings is back in the black in the first nine months of the year with a CNY2.74 billion (US$413.1 million) profit after a net loss of CNY9.18 billion. This year's result was drawn on revenues of CNY67.5 billion, which increased 34.7 per cent year on year.

Third quarter revenue rose 35 per cent to CNY20.85 billion year on year.

Intra-Asia outperformed all trades, showing the most gains, rising 49 per cent to CNY4.52 billion, while transpacific followed with a 35 per cent increase in revenue to CNY6.05 billion.

Transpacific enjoyed a 22 per cent volume increase to 775,375 TEU and domestic China trade increased 28 per cent rise to 1.72 million TEU.

Overall volumes increased 23 per cent to 5.49 million TEU in the third quarter as market conditions improved. Year to date, volumes rose 30.4 per cent to 15.49 million TEU.

Cosco put out a positive profit alert, saying that "under the warming market environment of container shipping, it is expected that cumulative net profit from the beginning of the year to the end of the next reporting period will improve significantly when compared with the same period of last year".

While the container shipping market recovered, the group also continued to improve its internal performance and managed to increase the average revenue per container and volume, Cosco said.

Intra-Asia volume rose 32 per cent to 1.54 million TEU in the third quarter. Transpacific was up 22 per cent gain to 775,375 TEU while domestic China trade increased 28 per cent to 1.72 million TEU.

But Asia-Europe saw a six per cent decline in volume to 927,870 TEU.