Cosco Shipping Holdings' Net Profit to Double in 2024

COSCO SHIPPING container ship. Photo: Cosco Shipping

Cosco Shipping Holdings announced operating revenue of RMB 233.86 billion, up 33.29% year-on-year. The company's net profit reached about RMB 55.40 billion, up sharply by 95.08%, of which the net profit attributable to the parent company's shareholders reached RMB 49.10 billion, up dramatically by 105.78%.

Outstanding Business Performance

The company's core businesses continued to maintain growth momentum in 2024:

• Container throughput reached 25.94 million TEU, up 10.12% year-on-year.
• Revenue from container shipping reached RMB 225.97 billion, up 34.40%.
• Total port throughput reached 144.03 million TEU, up 6.06%, with revenue from container terminal operations reaching RMB 10.81 billion, up 3.98%.

According to Cosco Shipping Holdings, "The 2024 container shipping market is expected to witness moderate growth in cargo throughput thanks to the gradual recovery of global trade. At the same time, the instability in the Red Sea has led to a shortage of effective vessel supply, contributing to keeping freight rates high."

The company emphasized: "Cosco Shipping Holdings has proactively taken advantage of market opportunities, promoted the development of high-quality production capabilities, digital transformation, artificial intelligence and green - low-carbon development. The company has achieved the goal of building a stable and sustainable supply chain, promoting high-quality growth, and delivering impressive business results."

Fleet expansion and technology modernization

In 2024, Cosco Shipping Holdings received 12 new ships with a total capacity of 230,000 TEU, deployed on main routes to Europe, North America and emerging markets in Latin America.

By the end of 2024, the total capacity of the company's autonomous fleet exceeded 3.3 million TEU, serving 629 ports globally. The company operates 429 international routes, with cargo volumes growing rapidly in Central and South America, Africa and Southeast Asia.

In order to optimize its fleet structure, Cosco Shipping Holdings has ordered 12 14,000-TEU dual-fuel methanol (Latamax) containerships in 2024. The company currently has a total of 32 methanol-fueled containerships on order, with a total capacity of nearly 590,000 TEU, including both newly built vessels and existing vessels converted to use dual-fuel methanol engines.

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Source: Phaata.com (According to Seatrade-Maritime)

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