News / Cosco nine-month net profit up 1,650% on back of soaring volumes and rates

Cosco Shipping Holdings today reported net profit for the first nine months of the year had shot up by a massive 1,651%, to $10.45bn, on the back of surging container volumes and freight rates.

During the period, the group, including Cosco Shipping Lines and Cosco Shipping Ports, moved 20.45 million teu, up 8% year on year, and reported revenues of $33.24bn, which represents growth of 117.5%.

The Asia-Europe route was the largest contributor to turnover, accounting for 30%, followed by the transpacific ...