CHINA'S Cosco Shipping Holdings posted
a fourfold increase to CNY13.2 billion (US$2 million) last year,
up from CNY3 million the year prior, the carrier said in its annual
results announcement.
The company attributed the surge in net profit to the
addition of an extra 40 ships to its fleet amid a rebound in demand and freight
rates, reports IHS Media.
Group revenues from continuing operations including
container shipping and ports rose to CNY171.3 billion last year,
up from CNY150.5 billion. The figures include revenues from container shipping
which climbed 14.6 per cent to CNY166 billion.
The result means Cosco joins other carriers including Maersk,
Hapag-Lloyd, CMA CGM, and Zim Integrated Shipping Services
in posting strong profit figures over the last few months due to the rebound in
rates and volumes in the second half of 2020.
The company, which has a dual listing in Shanghai and Hong
Kong, gave no breakdown of the profit split between its liner businesses, Cosco
Shipping Lines and Hong Kong-headquartered OOCL. However, figures from OOCL's
results released recently show OOCL was the most profitable jewel in the Cosco
crown, contributing about CNY7 billion to net profit and about
CNY54 billion to group revenue.
By comparison, Cosco Shipping Lines generated a net profit
of about CNY5 billion on revenues of CNY112.1 billion last year, which were up
13.8 per cent year on year.
Cosco said total liftings climbed 2.4 per cent to 26.3
million TEU. OOCL saw the biggest increase, posting a 7.3 per cent rise in
liftings to 7.4 million TEU, while Cosco Shipping Lines handled 18.9 million
TEU, up 0.5 per cent.
Cosco Shipping Ports
contributed about CNY2.6 billion to net profit on revenue of CNY7 billion,
compared with net profit of CNY2.4 billion and CNY7.2 billion in revenue in
2019. Total throughput was virtually unchanged at 123.8 million TEU.
"In the second half of 2020, the company took the
opportunity of the container shipping market's recovery and added 40 vessels to
its global routes, and guaranteed its shipping capacity during the recovery
period," Cosco said. The company said it had a total fleet of 536 ships
with a shipping capacity of 3,073,684 TEU at the end of 2020, up 3.6 per cent
compared with the end of 2019.
Commenting on the outlook this year, the company said the
Covid-19 pandemic "has shuffled global industrial patterns and business
models, which would present new opportunities to develop a global container
logistics supply chain."
It also warned the recovery in the world economy
post-coronavirus disease "could be unstable and uneven" with
"risks and challenges still posed to medium- and long-term growth."
Source : HKSG / Photo : Wikipedia.
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