Sunday, 03/09/2023, 12:28 (GMT +7)
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Cost-cutting success helps COSCO defy market pressures
Cosco Shipping's container vessel (Photo: COSCO SHIPPING)
COSCO Shipping Lines achieved a very strong business performance in the second quarter of 2023, becoming the only carrier to significantly improve its finances compared to the first quarter of 2023 following a highly successful cost-cutting initiative, according to Alphaliner.
COSCO Ship Holding's container transport segment, which includes COSCO Shipping Lines and OOCL, reported revenue of $7.91 billion in the second quarter of 2023, compared to $4.5 billion in the first quarter of 2023. Net profit reached $1.84 billion in the second quarter of 2023, more than tripling from $572.1 million in the first quarter of 2023.
Alphaliner noted that COSCO Shipping Lines' operating margin in the second quarter of 2023 was 27%, higher than its six-month average of 23.5%.
The fourth-largest container operator reduced operating costs by 37% year-on-year in the first half of 2023, saving approximately $5.6 billion compared to 2022.
The most significant savings were achieved in equipment and cargo transportation costs, which decreased by 55%, while voyage costs were reduced by 11%. COSCO Shipping Lines' fleet capacity remained stable during this period.
Without these cost savings, COSCO Shipping Lines' operational results would have been in line with market averages, as cargo volumes increased to 5.9 million TEUs in the second quarter of 2023, compared to 5.4 million TEUs in the first quarter of 2023.
Alphaliner pointed out a significant disparity between the best and worst margin performers. ZIM and Wan Hai Lines were the only two carriers in negative territory, repeating the scenario observed in the first quarter of 2023. Wan Hai had a negative operating margin of 7.9%. On the other end of the spectrum, Hapag-Lloyd reported the second-highest margin after COSCO Shipping Lines, at 18.3%.
Read more:
- COSCO schedules: Vietnam - North America in Sep 2023
- COSCO SHIPPING launches 700 TEU electric container ship
Source: Phaata.com (According to ContainerNews)
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