COSCO Shipping Holdings recorded a net profit of RMB 43.34 billion ($6.1 billion) for the first three quarters of 2024, marking a 66.67% increase compared to the same period in 2023.
The company’s earnings before interest and tax (EBIT) reached RMB 54.41 billion ($7.7 billion), reflecting a year-on-year growth of 63.72%.
In its Q3 report, COSCO Shipping noted moderate growth in cargo volumes across major global markets. However, it highlighted ongoing disruptions in transportation capacity, especially due to the geopolitical situation in the Red Sea region, which has added strain to an already tense global supply chain.
The third quarter also saw the company benefiting from peak season demand on key Europe and North America shipping routes, leading to increased volume and pricing in its container shipping operations.
“In the face of a complex and volatile global economic and trade environment, the company has focused on responding to external uncertainties by leveraging the stability of its own development,” COSCO Shipping Holdings stated. “We continue to pursue innovation in digital intelligence and prioritise green, low-carbon development. Our efforts to strengthen the resilience of our global supply chain have enhanced our core competitiveness and yielded stronger operational results.”
As of the end of June 2024, COSCO Shipping operated a fleet of 527 container ships, covering 275 international routes, 55 domestic coastal routes, and 83 feeder services along the Pearl River and Yangtze River.
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