On October 29, COSCO SHIPPING Specialized Carriers under China COSCO Shipping released its report for the first three quarters of 2024.
In the third quarter of 2024, the prosperity of the shipping market declined, but still remained in the boom zone. COSCO SHIPPING Specialized Carriers gave full play to the advantages of multi-vessel type and multi-purpose fleet, further consolidated the basic cargo sources, optimized the route configuration, enhanced the operational efficiency, and achieved a new record high in overall efficiency.
In the first three quarters, COSCO Shipping Specialized Carriers achieved a total operating income of RMB 12.043 billion (approximately US$1.688 billion), a year-on-year increase of 33%; a total profit of RMB 1.598 billion (approximately US$224 million), a year-on-year increase of 49.67%; a net profit of RMB 1.367 billion (approximately US$192 million), a year-on-year increase of 47.85%; achieving a net profit attributable to the parent of RMB 1.202 billion (approximately US$168 million), a year-on-year increase of 31.38%; and a net profit attributable to the parent of RMB 1.014 billion (approximately US$141 million), a year-on-year increase of 46.93%.
During the reporting period, the scale of COSCO Shipping Specialized Carriers’ fleet development accelerated, with 5 new car carriers, 4 multi-purpose pulp carriers and 1 heavy lift vessel added in a single quarter, and the fleet structure was further optimized.
Among them, the newly added car carriers are 7,000-7,500 CEU LNG dual-fuel car carriers, marking that the company’s car ocean-going transport fleet has officially entered the “big vessel era” and “new energy era”. Relying on the combined transport mode, the company exported a total of 228,000 commercial vehicles from January to September.