On the evening of October 30th, 2023, China COSCO Shipping released its performance report for the first three quarters of 2023. Let’s dive into the highlights:
📊 Impressive Financial Results:
Total revenue: ¥134.556 billion
EBIT (Earnings Before Interest and Taxes): ¥33.230 billion
Net profit: ¥25.999 billion
Net profit attributable to shareholders of the listed company: ¥22.071 billion
🌍 Global Developments:
China COSCO Shipping is making waves in the global shipping industry. In light of recent changes by the EU Commission, the Consortia Block Exemption Regulation (CBER) will expire on April 25, 2024. This regulation previously allowed shipping alliances to share up to 30% of the market. The EU Commission’s decision reflects the evolving market conditions, particularly in response to the challenges posed by the COVID-19 pandemic.
📈 Supply Chain Growth:
Notably, in the first three quarters of 2023, China COSCO Shipping’s supply chain revenue, excluding shipping, reached ¥21.842 billion, accounting for 16.9% of container shipping business revenue, marking an 8.69% YoY increase.
🚚 Container Shipping Insights:
During the same period, China COSCO Shipping transported 17.4557 million standard containers, a 5.82% YoY decrease. Meanwhile, the total throughput of China COSCO Shipping’s ports reached 100.176 million standard containers, a remarkable 2.84% YoY growth. This includes holdings and shared terminals.
🌐 Navigating Challenges:
Despite challenges such as weakening transportation demand and increased capacity, China COSCO Shipping has maintained stability in profitability by pursuing digitalization, intelligence, and a commitment to environmentally friendly, low-carbon transformation.
🚢 Expanding Globally:
China COSCO Shipping has expanded its fleet with environmentally friendly ships and has introduced new routes, such as the European-South American East route, Kenya-Mozambique, and Mediterranean-North Africa routes. This move complements their focus on strengthening key routes while closely following industry changes.
🔗 Building Digital Supply Chains:
China COSCO Shipping’s commitment to digital transformation includes innovations in AI, IoT, and blockchain. They’ve launched a range of digital supply chain products, offering comprehensive services to countries such as the United States, Chile, Mexico, Thailand, Vietnam, Malaysia, and Greece.
🌱 Embracing Green and Low-Carbon Transformation:
China COSCO Shipping is actively developing a green and low-carbon fleet, optimizing fuel supply chains, and enhancing fleet efficiency to meet new environmental regulations. They’ve marked a significant step by successfully refueling the “China COSCO Shipping Virgo” with biofuels in Rotterdam.
♻️ Advocating for Sustainability:
Additionally, China COSCO Shipping has issued a “Initiative to Promote the Use of Shore Power for Ships,” encouraging ports and shipping companies to invest in and use shore power facilities to advance green and low-carbon shipping.
🚀 A Vision for the Future:
China COSCO Shipping is determined to continue its mission to provide high-quality services to customers and create greater value for shareholders. Their focus on “global digital supply chain operations and investment platform with container shipping at its core” will drive innovation and transformation across business, digital, and green domains.
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