COSCO doubles operating profits as high freight rates drive market

COSCO doubles down as high freight rates drive market

COSCO SHIPPING Holdings (COSCO) has announced preliminary results for the first half of this year, posting impressive revenues driven by high freight rates.

The EBIT for the first half of 2022 is expected to be approximately RMB 95.245 billion ($14 billion), nearly doubling their profits with an increase of 92 per cent year-over-year.

The forecasted net profit attributable to equity holders equals to approximately RMB 64.716 billion ($9.6 billion), a 75 per cent climb compared with the same period of the previous year.

Net profit after nonrecurring gain and loss attributable to equity holders is expected to sit around RMB 64.436 billion ($9.5 billion), climbing up 74 per cent year-on-year.

COSCO’s results come as the supply and demand of international container transportation services have been met with many challenges. However, during the reported period, skyrocketing export freight rates of main routes have contributed to this impressive forecast, says the company.

COSCO came as one of the best performing carriers for container liftings in the final quarter 2021, topped only by Maersk.

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