COSCO Shipping Lines reported a 12.4 per cent year-on-year increase in throughput in the
first of half 2018, citing economies of scale and improved management as
volumes hit 11.24 million TEU.
The carrier also announced a 15.8 per
cent increase in capacity, which hit two million TEU for the first time,
and at the end of June 2018 the company's fleet totalled 393
The company has utilised 60 per cent of its fleet size, around 189
vessels and 1.25 million TEU, along the routes of the Belt and Road
Initiative, where the company has 274 berths in operation.
When including the capacity of the recently acquired Orient Overseas
(International) Limited (OOIL), Cosco Shipping Holdings is now ranked
third in the world for shipping capacity with over 2.7 million TEU.
It is the largest merger and acquisition in the global shipping industry
so far in terms of the size of the transaction and Cosco will implement
a dual-brand strategy.
Cosco Shipping Holdings' revenue generated from container shipping and
related business amounted to CNY42.4 billion (US$5.2 billion, up 1.29
per cent year on year.
The increase in container shipping revenue was lower than heavy
container volume, mostly due to the downward pressure of the market
freight rate and the decrease in the average exchange rate by 6.75 per
cent for the dollar.
Cosco Shipping Holdings reported a net profit of CNY40.8 million, which
it attributed to container shipping business and the profit contribution
of the terminal business. Over the same period last year, the company
reported a net profit of CNY1.9 billion.