Cosco Shipping Holdings records $183.4m profit in 2018

China COSCO Shipping executive commits suicide 

Illustrative picture. PHOTO CREDIT:Fleetmon

Cosco Shipping Holdings remained in black in 2018 with a profit of RMB1.23 billion ($183.4 million) in both its container lines, Cosco Shipping Lines and Orient Overseas International Ltd (OOIL).

In 2018, the container shipping business of the company handled a volume of 21.79 million TEU, representing a year-on-year increase of 29%; of which Cosco Shipping Lines handled 18.37 million TEU, representing a year-on-year increase of 8.7% and OOIL handled 3.4 million TEU from July to December.

Cosco Shipping Holdings acquired OOIL in July 2018 and further expanded its fleet and service capacity.

The company has continued to expand in the intermodal arena. In 2018, it opened several new self-operating China-European container liner trains in cooperation with China Railway Corporation. The company provided services in a total of 112 foreign trade rail lines departing from China and 152 domestic rail lines, covering 20,000 to-door-service points.

Last year, the China-European Sea-rail Express based in Piraeus Port in Greece recorded a freight volume of 50,000 TEU, representing a year-on-year increase of 27%.

In terms of port operation business, a majority of terminals controlled and invested by the company’s port arm, Cosco Shipping Ports, are located along the Belt and Road with a total of 283 berths in operation, including 192 container berths with an annual handling capacity of 106 million TEU. The container terminals of Cosco Shipping Ports recorded a total throughput of 120 million TEU last year, representing a year-on-year increase of 21%.

Cosco Shipping Holding, the listed arm of China Cosco Shipping Group, is engaged in container shipping and terminal operations. As of the end of 2018, the company operated a fleet of 477 container vessels with total shipping capacity of 2.76 million TEU and had an orderbook with a capacity of nearly 180,000 TEU.