COSCO Shipping Holdings enjoyed a stellar year in 2024, with volume, revenue and profit all jumping sharply over 2023.
In 2024, the revenue from the Group’s container shipping business amounted to RMB225,971,372,000 (USD 31.1 billion), representing an increase of RMB57,840,372,000 or 34.40% as compared to the last year. Of this, COSCO Shipping Lines generated revenues of RMB156,059,924,000 from its container shipping business, representing an increase of RMB40,011,554,000 or 34.48% as compared to 2023. (NB: Group figures include OOCL, which reported earlier: DCN 14 March.)
Costa also rose, however, In 2024, the container shipping business cost amounted to RMB161,249,456,000, representing an increase of RMB17,643,139,000 or 12.29% as compared to the last year, of which, the container shipping business cost incurred by COSCO Shipping Lines in 2024 amounted to RMB111,098,306,000, representing an increase of RMB11,696,427,000 or 11.77% as compared to the last year.
In 2024, revenue generated from the terminal business amounted to RMB10,809,999,000, representing an increase of RMB413,837,000 or 3.98% as compared to the last year. In 2024, the terminal business cost amounted to RMB7,775,613,000, representing an increase of RMB530,994,000 or 7.33% as compared to the last year.
COSCO Shipping reported a year-on-year 10.12% uptick in volumes, to 25.9 million TEU, while net profit more than doubled to USD 4,424,663,000 from USD 1,798,309,000 in 2023.
Group shipping volume in the Asia region (including Australia) Asia Region (including Australia) grew 11.11 % to 8,878,814 TEU of which COSCO Shipping Lines carried 5,259,843 TEU, a 13.84% increase. Group revenue in that region Asia Region (including Australia) reached USD 7,574,458,000, up 21.81%, of which COSCO Shipping earned USD 4,695,394, representing 24.16% growth.
“In 2024, the container shipping market saw moderate growth in cargo volumes driven by a gradual recovery of global trade,” CSH said. “However, the market encountered various challenges amid ongoing turmoil in the Red Sea, profound transformations in the structure of industry alliances and the accelerated integration of ports, shipping and trade, which have collectively created a complex and volatile market environment.
“Dealing with these challenges, the Group actively seized market opportunities, endeavoured to promote digital supply chain and green and low-carbon transitions, ultimately delivered impressive operating performance.”
During the Reporting Period, the Group took delivery of 12 new vessels with a combined capacity of 230,000 TEUs. They included several advanced and environmentally friendly 24,000 TEU mega vessels, 16,000 TEU Panamax vessels and 14,000 TEU Latamax vessels.
“As at the end of the Reporting Period, the aggregate capacity of the Group’s self-operated fleet exceeded 3.3 million TEUs. With steady growth in total fleet capacity, the Group carried out continuing efforts to increase the density of its network through active collaboration with partners. The Company operated 429 international routes, and called at 629 ports spread across nearly 145 countries and regions in the world. Additionally, by launching and upgrading new services in emerging markets, the Group’s cargo volume achieved rapid growth in Central and South America, Africa and Southeast Asia.
“Looking ahead to 2025, global trade and economic activities are expected to maintain growth resilience under the combined effects of easing global inflationary pressures and accommodative monetary policies in Europe and the United States. However, risks including frequent geopolitical tension, intensifying trade frictions, and rising policy uncertainties may lead some unpredictability over the expansion of global trade.
“The global container shipping market demand is still projected to achieve growth in 2025, albeit at a moderated pace. Emerging markets, regional markets, and third-country markets are anticipated to sustain relatively strong growth momentum.
“On the other hand, the evolving alliance landscape in the global shipping industry is expected to trigger comprehensive escalation of competition in 2025, particularly in two strategic arenas: digitalized supply chains and green and low-carbon development initiatives.
“Concurrently, global trade patterns are transitioning from the traditional “Just in Time” and cost-driven models toward strategies emphasizing supply chain resilience and diversified “risk management” approaches,” CSH said.
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