COSCO doubles profits in 2024

COSCO SHIPPING Holdings reported a doubling of annual profits, achieving an operating revenue of RMB 233.86 billion (US$32.3 billion) in 2024, representing a 33.3% year-on-year increase.

Additionally, the company’s Earnings Before Interest and Taxes (EBIT) reached RMB 69.95 billion (US$9.65 billion), representing an increase of 90.8% year-on-year, the net profit was approximately RMB55.40 billion (US$7.6 billion), translating to 95% growth, and the net profit attributable to the shareholders rose by 105.8% to RMB49.10 billion (US$6.8 billion).

The Chinese shipping line recorded 25.94 million TEUs in 2024, representing a 10.1% year-on-year increase, while the total throughput of COSCO SHIPPING Ports surpassed 144 million TEUs, reporting a 6% growth.

COSCO SHIPPING Holdings said it is actively practicing its dividend return commitment, and the Board of Directors recommended the payment of a final cash dividend for 2024 of RMB1.03(tax included) per share to all shareholders. Together with the cash dividend already paid to all shareholders in the 2024 interim, the cash dividend paid by the company will account for about 50% of the net profit attributable to shareholders. In the next three years, the total cash dividend distributed during the year shall account for 30%-50% of the net profit attributable to the shareholders in the current year.

In 2024, the COSCO took delivery of 12 new vessels with a combined capacity of 230,000 TEUs, which have been deployed in the European and American main routes as well as in the emerging markets of Latin America. As of the end of 2024, the aggregate capacity of the company’s self-operated fleet exceeded 3.3 million TEUs and called at 629 ports spread across nearly 145 countries.

In response to the restructuring of the shipping alliances, COSCO extended its cooperation with the Ocean Alliance members until 2032 and collaborated with them to launch the DAY8 and DAY9 products.

COSCO believes the conditions in the container shipping industry will remain complex and volatile.

“On the one hand, greater geopolitical impact, uncertainty in the Red Sea, and stronger trade tariff policies will bring profound changes in global cargo flow patterns. On the other hand, the resilient global economy, the rise of emerging markets and regional economic integration will create new opportunities for the container shipping market,” said the shipping giant in its statement.

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