Sunday, 03/09/2023, 12:28 (GMT +7)
953
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)
Phaata - Vietnam's First International Logistics Marketplace
► Connect Shippers & Logistics Companies faster!
Featured News
- Hapag-Lloyd applies Peak Season Surcharge from East Asia to USA and Canada
- The world\'s largest container ships MSC Irina and MSC Loreto floated
- MSC (Mediterranean Shipping Company) - The world\'s leading container shipping lines
- Information you need to know about Maersk Line
- Top 10 export and import goods between Vietnam - Philippines in the first 5 months of 2020
Market News
See more
.webp)
.webp)
_(3).webp)
HOT PROMO
See more
1176
FCL
45 Days
Freight cost
Compass Logistics
Premium
1993
FCL
40 Days
Freight cost
CÔNG TY TNHH PEGASHIP
2763
FCL
30 Days
Freight cost
CÔNG TY TNHH INTERNATIONAL LOGISTICS GLORY (VIỆT NAM)
4316
FCL
3 Days
Freight cost
Công ty TNHH Giao nhận vận chuyển Quốc tế Trường Hải - THILOGI
Premium
4255
FCL
10 Days
Freight cost
CÔNG TY TNHH THƯƠNG MẠI VÀ DỊCH VỤ GREEN DRAGON VIỆT NAM
Why do thousands of businesses trust Phaata?
USERS/MONTH
LOGISTICS COMPANIES
REQUEST FOR QUOTEŚ
QUOTATIONS
VIETNAM LOGISTICS COMMUNITY
5 Steps to Get the Best Quote
Find a price quickly/Send a RFQ
Compare multiple options
Contact for Further Consultation
Negotiating prices/services
Management & rating
Freight rates
Sea freight
- FCL
See more
6
64
25
Days Transit
- ₫30,432,450 / 20'GP
- ₫38,371,350 / 40'GP
- ₫38,371,350 / 40'HQ
- ₫38,371,350 / 45'HQ
T.H.I GROUP VIỆT NAM
82
8
Days Direct
- ₫34,087,300 / 40'HQ
CÔNG TY TNHH VẬN TẢI VÀ TIẾP VẬN TOÀN CẦU
79
5
Days Direct
- ₫44,540,000 / 40'HQ
CÔNG TY TNHH INTERNATIONAL LOGISTICS GLORY (VIỆT NAM)
77
Sea freight
- LCL
See more
1,861
4
Days Direct
- ₫26,463 /cbm
CÔNG TY TNHH IEC EXPRESS (VIỆT NAM)- CHI NHÁNH HÀ NỘI
2,915
5
Days Direct
- ₫26,463 /cbm
CHI NHÁNH TẠI THÀNH PHỐ HỒ CHÍ MINH - CÔNG TY CỔ PHẦN MG LOGISTICS
3,558
8
Days Direct
- Refund ₫2,362,500 /cbm
CÔNG TY CỔ PHẦN TIẾP VẬN INTERCARGO
4,128
4
Days Direct
- ₫26,463 /cbm
CÔNG TY CỔ PHẦN GIAO NHẬN VẬN TẢI MỸ Á (ASL LOGISTICS)
4,223
Air freight
- General cargo
See more
957
10
Days Transit
- 264,630 ₫/kg
Phoenix Logistics Vietnam - chi nhánh TP. Hồ Chí Minh (Phoenix International Forwarding Vietnam )
1,660
1
Days Direct
- 185,241 ₫/kg
CÔNG TY TNHH THƯƠNG MẠI VÀ DỊCH VỤ FASTRANS
5,168
4,855
8
Days Transit
- 224,936 ₫/kg
CÔNG TY TNHH SEA GLOBAL VIỆT NAM
2,745
1
Days Direct
- 502,797 ₫/kg
CÔNG TY TNHH VẬN TẢI QUỐC TẾ GIA PHÚ
Rail freight
- FCL
See more
720
5
Days Direct
- ₫26,463,000 / 40'HQ
- ₫26,463,000 / 45'HQ
CÔNG TY TNHH PHƯỚC TÁ
1,040
3
Days Direct
- ₫6,324,657 / 40'HQ
CÔNG TY CỔ PHẦN VẬN TẢI VÀ THƯƠNG MẠI ĐƯỜNG SẮT
10,371
7
Days Direct
- ₫48,956,550 / 20'GP
Công ty TNHH T&M Forwarding
9,748
5
Days Direct
- ₫7,145,010 / 20'GP
ASIAN EXPRESS LINE VIETNAM ( AEL VIET NAM )
8,189
10
Days Direct
- ₫9,262,050 / 20'GP
CÔNG TY CỔ PHẦN LOGISTICS QUỐC TẾ V&T
Road freight
- FCL
See more
42,565
1
Day
- ₫6,868,686 / 20'OT
- ₫6,868,686 / 40'OT
- ₫6,868,686 / 40'OT HQ
CÔNG TY TNHH LIÊN VẬN QUỐC TẾ SHINING OCEAN VIỆT NAM
99,729
2
Day
- ₫6,500,000 / 40'RF
- ₫6,500,000 / 40'RQ
- ₫6,500,000 / 45'RQ
CÔNG TY CP PROSHIP
Premium
170,014
1
Day
- ₫18,997,200 / 20'GP
- ₫18,997,200 / 40'GP
CÔNG TY CỔ PHẦN GIAO NHẬN VẬN TẢI CON ONG
262,351
3
Day
- ₫32,000,000 / 20'GP
- ₫64,000,000 / 40'GP
- ₫64,000,000 / 40'HQ
- ₫64,000,000 / 45'HQ
Công ty Cổ phần phát triển thương mại Thuận Đạt Việt Nam
283,093
