Independent journal on economy and transport policy
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SHIPPING
Further increase in the quarterly economic and operating performance of the COSCO group
In the April-June period of this year, revenues increased by +19.0%. 12 new 14,000 TEU containerships ordered
Shanghai
August 30, 2024
In the second quarter of this year, the Chinese shipping group
COSCO Shipping Holdings Co. has seen further improvement
financial and operating performance which, in the core business
containerized maritime transport, as well as for
other major world companies in the sector, has been
produced by a generalized progression of results in all
main markets with the exception of cargo volumes
transported by the fleet, that of shipments between Asia and
Europe suffering from both the weakening of the European economy and the
of the consequences of the diversion of scheduled maritime services
around Africa to avoid crossing the region of the
Red Sea where Houthi attacks on traffic follow one another
naval.
In the April-June period of 2024, the revenues of the Chinese group
amounted to 52.9 billion yuan ($7.4 billion),
with a marked increase of +19.0% over the same period
of which 50.9 billion yuan (+19.6%) were generated
from containerized maritime transport activities only.
In particular, the maritime services operated by the group on the
Transpacific Alliances generated revenues of 15.2 billion yuan
(+52.5%), of which €8.6 billion (+60.3%) deriving from the
of the ships of the wholly owned subsidiary COSCO
Shipping Lines, routes on which the volumes of containers transported
amounted to 1.2 million TEUs (+7.4%), of which 682 thousand TEUs
(+6.9%) transported by COSCO Shipping Lines. Services between Asia and
Europe, which in the quarter transported 915 thousand TEUs (-20.1%) of
of which 564 thousand TEUs (-21.9%) transported by COSCO Shipping Lines,
produced revenues of more than 9.9 billion yuan (+13.7%), of which
6.5 billion (+8.3%) produced by COSCO Shipping Lines' services. The
intra-Asian maritime services generated revenues of 12.2
billion yuan (+10.8%), of which 7.6 billion (+15.0%) produced by
COSCO Shipping Lines, and in the second quarter of this year they
transported cargo volumes of almost 2.2 million TEUs
(+11.4%), including 1.3 million TEUs (+14.8%) transported by COSCO
Shipping Lines. On Chinese domestic routes, the total volumes,
entirely transported by COSCO Shipping Lines ships, they are
of over 1.4 million TEUs (+34.9%) and the revenues generated
from this business they totaled nearly 3.0 billion yuan
(+0,2%). On other international routes, the volumes transported were
They stood at 708 thousand TEUs (+6.4%), of which 586 thousand TEUs (+8.9%)
transported by COSCO Shipping Lines, and the related revenues were
amounted to nearly 7.0 billion yuan (+5.6%), including 6.1 billion yuan
(+14.2%) contributed by COSCO Shipping Lines.
In the second quarter of this year, the Chinese group
recorded an operating profit of 10.9 billion yuan (+31.6%), with
a contribution of €10.1 billion (+27.0%) from
containerized sea freight. Net profit was
€11.6 billion (+4.3%), of which €10.0 billion (+9.3%) from shipping
containerized.
In the second quarter of this year, the
terminal facilities of the Chinese group, which are operated by the
COSCO Shipping Ports, have handled a traffic
Containerized record of more than 28.4 million TEUs
(
of 22
July 2024) and this activity generated revenues of
2.7 billion yuan (+5.5%).
In the first half of 2024, the revenues of the COSCO Shipping group
Holdings Co. amounted to a total of 101.2 billion
yuan, with an increase of +10.2% on the first half of last year
year, of which €97.4 billion (+10.4%) generated by the
shipping and 5.1 billion (+5.0%) from
terminals. Group operating profit was 19.0
billion (+5.1%), with a contribution of 18.3 billion (+6.0%) from the
shipping and 828.0 million (-11.2%) from
terminal (-11.2%). Net profit amounted to 19.2
billion (-2.1%), with a contribution of 16.3 billion (-2.7%) from the
container fleet and 1.2 billion (-5.0%) from containers
port terminals.
In the first six months of this year, the container ship fleet of the
Chinese group transported cargoes of 12.5 million TEUs
(+9.3%), of which 8.8 million TEUs (+12.7%) were transported by ships
of COSCO Shipping Lines.
Meanwhile, the Chinese group announced today that its
wholly-owned subsidiary COSCO (Cayman) Mercury Co.
has ordered from the shipbuilding company Cosco Shipping Heavy
Industry (Yangzhou) Co., which is wholly owned
by the same COSCO group, the construction of 12 container ships
dual-fuel of 14,000 TEUs that can be powered by methanol.
The contract has a total value of 2.15 billion dollars
providing for an investment of 179.5 million for each ship. The
delivery of the 12 units is scheduled between May 2027 and
March 2029.
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