Chinese shipping giant COSCO’s H1 profit tumbled 74.5% on year
COMPANY NEWS DATA
Chinese shipping giant COSCO’s H1 profit tumbled 74.5% on year
COMPANY NEWS DATA

Chinese shipping giant COSCO’s H1 profit tumbled 74.5% on year

 

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China’s COSCO Shipping Holdings Co. Ltd, the world’s largest shipping company, expects its first-half net profit to plunge by about 74.5% from a year earlier to 16.55 billion yuan, due to sliding revenue from the container shipping business during the period.  

Due to the changes in the supply and demand balance in the container shipping industry, the China Containerized Freight Index tumbled by 69.31% year over year in the fist half, and given the high has last year, the company’s container shipping business revenue declined, it said.

Earlier data from the company showed that the company’s net profit in the first quarter reached 7.13 billion yuan, sliding 74.2^ form a year earlier and that leaves its second-quarter net profit at 9.42 billion yuan, slumping 74.6% year over year.

The company’s management, citing data from shipping consultancy Alphaliner, said that the global newly delivered shipping capacity will reach about 2.5 million TEU in 2023, doubling that in 2022, and the supply side will maintain a high growth rate in 2024.