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18 May 2022 The on-line newspaper devoted to the world of transports 04:54 GMT+2

May 2, 2022

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Original news
COSCO Shipping Holdings records record revenues for the sixth consecutive quarter

Decline in the volumes of containers transported by the fleet. CoSCO Shipping Ports' financial performance was also positive

Starting from the fourth quarter of 2020, since the Chinese shipowning group has passed for the first time the own previously established record level of quarterly revenues in the last quarter of 2007 before the financial crisis worldwide, COSCO Shipping Holdings Co. scored quarter after quarter quarter new historical records, and so it was also in the first quarter of 2022 when revenues were equal at a record 105.5 billion yuan (16 billion dollars), recording a strong increase of +62.7% compared to the same quarter last year and surpassing the previous peak historical marked in the fourth quarter of 2021. Most of the revenues, pairs to 103,8 billion yuan (+63.5%), is derived from the core business of containerized maritime transport in which the group operates through the wholly owned subsidiary COSCO Shipping Lines and through its subsidiary Orient Overseas Container Line (OOCL). In the first three months of this year the activities terminals operated by the group through its subsidiary COSCO Shipping Ports reported revenues of EUR 329.7 million dollars (+24.2%).

CoSCO's operating costs in the first quarter of this year Shipping Holdings stood at 66.6 billion yuan (+42,8%). Operating profit amounted to 39.7 billion yuan (+109.7%), with a contribution of 39.5 billion from transport containerized maritime (+107.0%), and net profit at 32.5 billion of yuan (+82.9%), with a contribution of 33.1 billion from transport containerized maritime (+88.5%).

If in the first quarter of 2022 revenues directly related to the activity of the group's container carrier fleet are grew by +63.6% having been pairs to 99.3 billion yuan, the volumes of containerized cargoes carried by the group's ships on the other hand, recorded the third consecutive quarterly decline having been equal to less than 6.2, million teu (-9.2%). On the sun Transpacific routes the fleet carried 1.2 million teu (-7.7%) generating revenues of 30.3 billion yuan (+93.3%). On the Asia-Europe routes, the volumes transported amounted to over 1.2 million teu (-4.2%) and the activity has produced revenues pairs to 29,2 billion yuan (+64.5%). The volumes transported from intra-Asian services amounted to 2.0 million teu (-10.9%) with relative revenues of 23.6 billion yuan (+48.6%). On Chinese domestic routes, COSCO ships transported less than 1.1 million teu (-15.6%) and the related revenues to 2.9 billions of yuan (+1.9%). On other international routes the fleet transported 659 thousand teu (-3.9%) totaling revenues of 13.3 billions of yuan (+66.6%).

In the first quarter of this year the operating costs recorded from the terminalist branch COSCO Shipping Ports have marked a increase of slightly less than that of revenues having been attested to 248.8 million dollars (+22.3%). Operating profit was of 43.2 million dollars (+24.2%) and the net profit of 89.7 million of dollars (+13.9%).

In the first three months of 2022 the port terminals that are part of the Chinese group have enlivened a record container traffic pari a 30,3 million teu, with a slight progression of +0.3% on the corresponding period of 2021, of which 7.5 million teu (+39.5%) enlivened only by the terminalist companies of which COSCO Shipping Ports owns a controlling stake.

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