COSCO's 9-month net profit increased by 1,650% thanks to soaring volume and freight rates

COSCO Group, which includes Cosco Shipping Lines and Cosco Shipping Ports, reached 20.45 million TEU, up 8% year-on-year and achieved revenue of $33.24 billion, corresponding to a growth of 117, 5% during this period.

Container vessels of COSCO Shipping

Container vessels of COSCO Shipping (Photo: COSCO)

Cosco Shipping Holdings yesterday reported net profit for the first nine months jumped 1.651 percent to $10.45 billion, thanks to strong volume and freight rates.

During the period, the group, which includes Cosco Shipping Lines and Cosco Shipping Ports, reached 20.45 million TEUs, an increase of 8% year-on-year and revenue of $33.24 billion, respectively growth of 117.5%.

The Asia-Europe route is the largest contributor to revenue, accounting for 30%, followed by the transpacific route, contributing 27%, while the average revenue per TEU on international routes was $1,944, an increase of nearly 100% compared to the same period last year.

Meanwhile, throughput through the port reached 96.43 million TEUs, up 6% year-on-year, with 17.28 million TEUs passing through ports controlled by Cosco, up 5% year-on-year. Output at ports in which the company has a minimum stake was 79.15 million TEUs, up 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.”

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