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CHINA's Cosco Shipping Holdings announced that net profit for the first nine months of the year shot up by a massive 1,651 per cent, to US$10.45 billion, on the back of surging container volumes and freight rates.
During the period, the group, including Cosco Shipping Lines and Cosco Shipping Ports, moved 20.45 million TEU, up 8 per cent year on year, and reported revenues of US$33.24 billion, which represents growth of 117.5 per cent, reports UK's The Loadstar.
The Asia-Europe route was the largest contributor to turnover, accounting for 30 per cent, followed by the transpacific lane, which contributed 27 per cent, while average revenue per TEU on its international routes was $1,944, a near-100 per cent year-on-year increase.
Port throughput was 96.43 million TEU, up 6 per cent year on year, with 17.28 million TEU going through Cosco-controlled terminals, an increase of 5 per cent, year on year, while throughput at terminals in which it has a minority stake was 79.15 million TEU, on a non-equity adjusted basis, representing an increase of 6 per cent.
Cosco Ship Holdings said: "With gradual recovery of the major economies in the world and, under the impact of factors including increase in demands, persistent outbreak of the pandemic and limited supply, the global logistic supply chain continued to be challenged by complicated situations such as port congestion, shortage of containers as well as inland transport delays.
"The company overcame the combined effect of various factors by giving full play to the supporting role of the container logistics supply chain, and ensured global transport services by enhancing shipping capacity, securing container supplies and enhancing services."
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