Independent journal on economy and transport policy
22:20 GMT+2
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COSCO's quarterly accounts benefit mainly from the results in the trans-Pacific market
The volumes of cargo carried by the fleet continue to decrease. The results of COSCO Shipping Development decreased
August 30, 2022
The significant increase in revenues is a consequence of the continuation of the increase in the value of sea freight, while for the fourth consecutive quarter the volumes of containerized cargoes transported by the group's fleet recorded a decrease having equal results in the second quarter of 2022 to 6.31 million of teu (-10.6%), of which 1.25 million teu transported on routes transpacific (-6.1%), 1.14 million on asia-europe (-14.4%), 2.07 million teu on intra-Asian routes (-4.7%), 668 thousand teu on other domestic routes (-8.1%) and 1.18 million teu on Chinese domestic routes (-21.0%). In the second quarter of this year cargoes carried by COSCO Shipping Lines ships only, which is the main company of the group, were equal to 4.47 million teu (-12.5%).
In the April-June quarter of this year the shipowning group China posted a record operating profit of $52.27 billion yuan (+79.3%), with a contribution of 51.43 billion from shipping containerized (+82.1%), and a record net profit of 44.12 billion yuan (+76.0%), with a contribution of 44.56 billion from the containerised shipping division (+82,0%).
New record values were also marked by the main items in the income statement for the full first half of 2022, period that was archived by COSCO Shipping Holdings with revenues pairs to 210,78 billion yuan, for a growth of +51.4% on the same period last year, with an operating profit of 91.93 billion (+91.3%) and with a net profit of 76.67 billion yuan (+78.8%).
Meanwhile, the COSCO Shipping Development Co., the company of the Chinese group whose main activity is the construction of intermodal containers, closed the first half of this year with revenues of 13.11 billion yuan (-12.3%), of which 12.71 billion from the marketing of containers produced by the company (-12.4%), and with a net profit of 2.69 billions of yuan (-10.8%). In the first six months of 2022 the volumes of sales of containers produced by the company were equal to 576 thousand teu (-20.2%).
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The significant increase in revenues is a consequence of the continuation of the increase in the value of sea freight, while for the fourth consecutive quarter the volumes of containerized cargoes transported by the group's fleet recorded a decrease having equal results in the second quarter of 2022 to 6.31 million of teu (-10.6%), of which 1.25 million teu transported on routes transpacific (-6.1%), 1.14 million on asia-europe (-14.4%), 2.07 million teu on intra-Asian routes (-4.7%), 668 thousand teu on other domestic routes (-8.1%) and 1.18 million teu on Chinese domestic routes (-21.0%). In the second quarter of this year cargoes carried by COSCO Shipping Lines ships only, which is the main company of the group, were equal to 4.47 million teu (-12.5%).
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
