COSCO sees huge surge in revenue and traffic

Hamburg, Germany - February 8, 2020: Container ship Cosco Shipping Leo in the port of Hamburg in early morning light on February 9, 2020 in Germany

COSCO Shipping Lines, the third biggest container shipping line in the world by market share, has said its revenue increased by 25% year-on-year (YoY), which it attributed to an improved presence in emerging markets and regions.

In a statement, the carrier said its TEU volume also increased by 18.1% when OOCL, a Hong Konf-based subsidiary, is taken into account.

Its volume in emerging markets and non-China markets increased by 7.0% and 7.9% YoY respectively, much higher than the overall volume growth rate on the comparable basis(2.7%).

It also said it had actively promoted the construction of digital shipping. In July 2019, CargoSmart, another subsidiary, announced the execution of Global Shipping Business Network (GSBN) services agreements with other maritime industry operators.

As for its 2020 forecast, it said it was “pay close attention” to challenges brought by COVID-19 to the global economy and shipping market.

It will also continue to focus on what it calls “high-quality development, innovative development and coordinated development,” and “keenly grasp opportunities in the industry”.

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