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07 December 2021 The on-line newspaper devoted to the world of transports 18:37 GMT+1

November 15, 2021

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Original news
New record quarterly financial period for the group Chinese shipowner COSCO

In the period July-September the containerized volumes transported by the fleet decreased by -6.7%

Since the end of 2020, quarter after quarter, the group Chinese shipowner COSCO Shipping Holdings, on the impetuous push whereas the demand for containerised maritime transport has impressed to its division operating in this sector, has established new historical records of quarterly financial performance arriving in the period July-September of this year to record revenues equal to 62.2 billion yuan ($14.4 billion), with a significant increase of +111.2% on the third quarter of 2020, of which 90.7 billions of yuan (+114.7%) generated by the activity of the COSCO group's fleet of carriers. In the third quarter of 2021 were also marked new record values both relatively operating profit and net profit which amounted to respectively to 45.0 billion yuan (+1,102.9%) and 35.1 billion of yuan (+878.3%), with contributions from the transport division containerized maritime amounting to 45.5 billion respectively (+996.8%) and 37.7 billion yuan (+1,031.3%).

If the financial results have reached all-time highs, in the third quarter of this year the volumes of containerized cargoes transported by the group's fleet, on the other hand, have decreased being states equal to 6.6 million teu (-6.7%). The downturn, that the group Chinese has attributed to the dysfunctions of the world supply chain that have extended the parking of containers on the port docks and have made it difficult to find containers to use, covered almost all the sea routes on which COSCO uses its ships: the total transported on the routes transpacific was 1.2 million teu (-10.7%), on those Asia-Europe were transported 1.3 million teu (-1.5%), on intra-Asian routes 2.0 million teu (-4.1%) and on Chinese domestic sea routes 1.3 million teu (-18.6%). The only increase was recorded by the volumes transported on the other international routes operated by the group that have been equal to 728 thousand teu (+13.0%). In the third quarter of 2021, ships of cosco Shipping Lines alone, which is the main shipping company of the group, they transported 4.8 million of teu (-6.5%).

Despite the reduction in the volumes of cargo transported in the third quarter of this year, the significant increase in the value of maritime freight has allowed the Chinese group to increase strong revenues generated by the activity of the fleet of portacontainer that stood at 85.6 billion yuan (+114.5%), of which 25.0 billion produced by the fleet used on transpacific routes (+85.4%), 26.6 billion from ships operating on the Asia-Europe routes (+201.4%), 18.6 billion from fleet used in intra-Asian services (+93.9%), 12.1 billion from ships in operation on other international routes (+158.8%), while the revenues generated by the ships used decreased on Chinese domestic routes being amounted to 3.2 billion yuan (-2.0%).

As of 30 September, the group's fleet consisted of 517 container ships with a carrying capacity of almost three million teu.

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