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23 October 2021 The on-line newspaper devoted to the world of transports 16:00 GMT+2



October 11, 2021

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Original news
COSCO expects to close the third quarter with a profit for record shareholders up by +1,019.7%

In the period July-September of this year the volumes containerized transported by the fleet are decreased of -6.7%

The Chinese shipowning group COSCO Shipping Co. plans to close the third quarter of this year with a profit for record shareholders of 30.5 billion yuan (4.7 billion dollars), with an increase of +1,019.7% on the period July-September of 2020. Relative to the first nine months of 2019 a profit for shareholders of 67.6 billion yuan is expected, with a growth of +1,650.9% on the corresponding period of last year.

Motivating the very significant increase in expected profits, the group explained what was in the period the evolution of the market in which the Chinese company operates, specifying that in the former nine months of this year the world's major economies have gradually resumed and, due to the overlapping of the effects increased demand, the COVID-19 pandemic and limited supply, the global supply chain has been confronted with the challenge and impact of congestion ports, shortage of containers and delays in transport internals that have generated pressure on the relationship between demand and offer.

COSCO Shipping has announced that in the first nine months of 2021 the own fleet of carriers has transported cargo containerized equal to over 20.4 million teu, with a progression of +8.0% on the same period last year. On on the basis of this figure, it can be deduced that in the third quarter of 2021 alone, volumes transported by the fleet amounted to about 6.6 million of teu, with a decrease of -6.7% compared to 7.1 million teu in the period July-September of 2020.





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