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 lane, which contributed 27%, while average revenue per teu on its international routes was $1,944, a near-100% year-on-year increase.

Meanwhile, port throughput was 96.43m teu, up 6% year on year, with 17.28m teu going through Cosco-controlled terminals, an increase of 5%, year on year, while throughput at terminals in which it has a minority stake was 79.15m teu, on a non-equity adjusted basis, representing an increase of 6%.

Cosco Ship Holdings said: “With gradual recovery of the major economies in the world and, under the impact of factors including increase in demands, persistent outbreak of the pandemic and limited supply, the global logistic supply chain continued to be challenged by complicated situations such as port congestion, shortage of containers as well as inland transport delays.

“The company overcame the combined effect of various factors by giving full play to the supporting role of the container logistics supply chain, and ensured global transport services by enhancing shipping capacity, securing container supplies and enhancing services.”