CHINA's state-owned Cosco Shipping Holdings has reported an increase in first-quarter revenue and profit, reflecting its acquisition last July of a majority stake in Orient Overseas (International) Ltd (OOIL), the parent company of Orient Overseas Container Line (OOCL)
CHINA's state-owned Cosco Shipping Holdings has reported an increase in first-quarter revenue and profit, reflecting its acquisition last July of a majority stake in Orient Overseas (International) Ltd (OOIL), the parent company of Orient Overseas Container Line (OOCL). The world's third largest container shipping line posted a net profit of CNY687 million (US$102 million) in the first quarter of 2019 compared with CNY181 million in the first quarter of 2018.
During the first quarter of 2019, revenue totalled CNY35.1 billion compared to CNY21.9 billion in the same 2018 period, nearly a 60 per cent increase.
The company benefited from increased volumes and revenue in its liner business. It also saw an increase in containers handled at its container terminals.
In the first quarter of 2019, Cosco moved 5.88 million TEU, an increase of 42.6 per cent from the first quarter of 2018. That big increase reflects the addition of 1.61 TEU from OOCL, reports American Shipper.
Cosco also said revenue from its shipping routes amounted to CNY31.1 billion.
At the end of March, the fleet operated by Cosco included 478 container vessels, with a total shipping capacity of 2,775,313 TEU. Cosco also had nine container vessels on order, with aggregate capacity of 159,421 TEU.
Cosco Shipping Holdings said its terminals handled 30.6 million TEU at its facilities in the first quarter of 2019 (about 6.67 million TEU from terminals it controlled and 23.95 million TEU in terminals in which it is an investor).
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