On March 28, COSCO SHIPPING Specialized Carriers Co., Ltd. (hereinafter referred to as “COSCO SHIPPING Specialized Carriers”) released the “2024 Annual Report”.
In 2024, COSCO SHIPPING Specialized Carriers achieved operating revenue of RMB 16.78 billion (approximately US$2.309 billion), a year-on-year increase of 37.57%; net profit attributable to shareholders of the listed company reached RMB 1.531 billion (approximately US$211 million), a significant year-on-year increase of 43.82%. Net profit after deducting non-recurring gains and losses reached RMB 1.298 billion (approximately US$178 million), a year-on-year increase of 73.53%.
The company’s net cash flow from operating activities reached RMB 3.616 billion (approximately US$498 million), a year-on-year increase of 23.74%; the return on net assets increased to 12.74%, an increase of 3.11 percentage points from the previous year, and profitability was significantly enhanced.
During the reporting period, COSCO Shipping Special Transport received a total of 27 ships, and the total fleet size expanded to 151 ships and 6.146 million deadweight tonnage, setting a historical record and continuing to rank among the world’s largest special transport fleets.
Among them, multi-purpose ships, heavy lift ships, pulp ships, semi-submersible ships, car carriers, asphalt carriers and other specialized ship types have made progress in parallel: pulp ships have jumped to second place in the world, car carriers have accelerated towards the first echelon, and semi-submersible ships and heavy lift ships continue to lead the world.
On the same day of the release of the financial report, COSCO SHIPPING Specialized Carriers announced that it plans to invest in the construction of a 70,000 DWT semi-submersible vessel at Guangzhou Shipyard International through its wholly-owned subsidiary COSCO Shipping (Hong Kong) Investment Development Co., Ltd., with a total investment of approximately RMB 1,031.6 million. The investment, which was considered and approved at the 25th meeting of the 8th Board of Directors of the Company, will accelerate the transformation and upgrading of the Company’s development strategy, further expand the Company’s leading position in the field of semi-submersible “transportation + installation”, and continue to expand and strengthen the Company’s fleet of semi-submersible ships.
Considering the capacity gap in the company’s signed projects and tendered projects, it is necessary to add new capacity to participate in market bidding. The construction of a new 70,000 DWT semi-submersible ship will help further enhance the competitiveness of the company’s semi-submersible fleet in the offshore transportation market, meet the market demand for large semi-submersible vessels, strengthen the control of the high-end market, and consolidate the global industry leadership.