COSCO's Q1 profit was 26 times higher than the same period in 2020

A container ship of COSCO

COSCO Ship Holdings (CSH), a part of China COSCO Group, announced on April 29 that first quarter 2021 net profit rose 26 times, to CNY 17.8 billion (2.71 billion USD), due to the strong recovery of the container shipping industry continued.

Revenue increased 80 percent to CNY 64.84 billion ($ 9.87 billion), with revenue from container shipping up 82 percent to CNY 63.52 billion (USD 9.67 billion). Asia-Europe, Intra-Asia and Trans-Pacific services are the three routes contributing the most to the group's container shipping revenue.

CSH, which has shipping subsidiaries including COSCO Shipping Lines (COSCON), Orient Overseas Container Lines (OOCL) and Shanghai Pan Asia Shipping, transported 6.78 million TEUs in Q1 / 2021, up 21% compared with the same period last year.

COSCO Shipping Ports, a subsidiary specializing in port operations and operations of CSH, operated 30.19 million TEUs in Q1 / 2021, up 10 percent year-on-year.

China International Marine Containers (CIMC), CSH's container manufacturing subsidiary, posted a net profit of CNY 1.51 billion ($ 229.83 million), reversing a net loss of CNY 641.45 million (USD 95.6 million) in the first quarter of 2020.

The total number of containers sold reached 450,800 TEUs, an increase of 174 percent year-on-year, while the number of reefer containers sold reached 45,900 TEUs, an increase of 82 percent year-on-year. CIMC added that strong demand for container equipment has boosted sales of container trailers.

“China's cold chain logistics industry continues to grow at a rapid rate, with the size of the fresh food transportation and e-commerce distribution market increasing,” said the container producer. which leads to a significant increase in volume and sales of refrigerated trucks. ”

Source: Phaata (Adapted from Container News)

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