Chinese shipping giant Cosco Shipping Holding has announced an estimated record net profit of RMB55.37 billion ($7.55 billion) in 2024.
Credit: Cosco Shipping
The RMB55.37 profit for last year by Cosco Shipping Holding represents substantial growth of 94.99% as compared to 2023.
The company said that in 2024, the cargo volume of the container shipping market displayed a moderate growth trend overall.
“Coupled with factors such as the escalating situation in the Red Sea region which led to a short supply of effective transportation capacity, the market freight rate remained at a relatively high level,” said Cosco Shipping Holding.
In the face of the complex and volatile global economic and trade situation, the company persisted in coping with the uncertainties of the external environment with the certainty of its own development, consistently adhere to the principle of seeking progress while maintaining stability with regard to the construction of the main container shipping lanes, Cosco Shipping Holding said.
It added that the company continued to seek innovation with progress amid the new competition in respect of digital intelligence and green and low-carbon development, constantly bolstering the resilience of its globally supply chain, continuously building an integrated full-chain service, and effectively enhancing its core competitiveness.
In 2024, Cosco Shipping Holding recorded an increase in volume and freight rate of its container shipping business on a year-on-year basis, achieving better operating results.
source: www.seatrade-maritime.com
