Cosco Offshore Control in the first three quarters increased by about 66.67% year-on-year
On October 7, COSCO Offshore Control released the announcement of pre-increase in the performance of the first three quarters of 2024.
In addition, COsco Offshore Control achieved EBIT of about 29.758 billion yuan in the third quarter, an increase of about 248.95%; The net profit was about 24.084 billion yuan, an increase of about 281.03%, of which the net profit attributable to shareholders of listed companies was about 21.251 billion yuan, an increase of about 285.66%.
For the main reasons for the pre-increase in performance, COSCO Sea Control said that in the first three quarters of 2024, the volume of goods in the main market increased moderately, the supply of capacity was continuously affected by the situation in the Red Sea, and the global supply chain was generally tense. In the third quarter of 2024, as the main route market in Europe and the United States entered the peak season, the company's container shipping business achieved volume and price growth.
At the same time, in the face of the complex and changing global economic and trade situation, COSCO adheres to the certainty of its own development, copes with the uncertainty of the external environment, continues to "pursue new progress" on the new track of digital intelligence and green and low-carbon, continuously enhances the resilience of the global supply chain, effectively improves the core competitiveness of the enterprise, and has achieved good business performance.
At the 2024 semi-annual performance presentation meeting held on September 20, COSCO Sea Control analyzed and predicted that in the second half of the year, the container transport market was generally stable and orderly, the production and operation situation was normal, and the export space utilization rate of the main routes in Europe and the United States remained at a high level.
Looking ahead to the market in the second half of the year, COSCO believed that the global economy was showing a slow recovery trend, and the situation of the consolidated transportation market was cautiously optimistic. There were challenges such as complex and severe geopolitical situation, profound adjustment of the global economic and trade pattern, concentrated delivery of new market capacity, and increased implementation costs caused by green and low-carbon transformation. There are also opportunities for traditional markets to gradually recover, trade in emerging markets to maintain an acceleration, demand in the consolidation market to grow steadily, and cooperation in the industrial chain to become closer.
Cosco has also stressed that it will actively grasp the growth opportunities of emerging markets, continue to increase the capacity arrangement of relevant regions, dynamically match the growth trend of freight flow, and provide customers with more high-quality and efficient logistics transportation services.
In addition, with the increasingly strict global green regulation, the green and low-carbon development of the container industry has accelerated. In response to this trend, COSCO Offshore Control has steadily increased the proportion of new energy and clean energy powered ship capacity through a combination of new ships and upgrading existing ships.
According to reports, this batch of new ships have better navigation performance, suitable for a wide range of routes, can better meet the increasingly diversified transportation needs of customers, and is conducive to maintaining the first echelon of the global container liner industry.
Cosco Offshore said that it will continue to focus on the vision of COSCO Shipping Group to "accelerate the building of a world-class shipping technology enterprise", and actively promote supply chain ecological innovation, intelligent interconnection ecological innovation, green and low-carbon ecological innovation around its positioning of "global digital supply chain operation and investment platform with container shipping as the core". We will strive to foster new development models and new growth drivers through scientific and technological innovation, and better enable high-quality development with new quality productive forces.
In addition, COsco Offshore Control achieved EBIT of about 29.758 billion yuan in the third quarter, an increase of about 248.95%; The net profit was about 24.084 billion yuan, an increase of about 281.03%, of which the net profit attributable to shareholders of listed companies was about 21.251 billion yuan, an increase of about 285.66%.
For the main reasons for the pre-increase in performance, COSCO Sea Control said that in the first three quarters of 2024, the volume of goods in the main market increased moderately, the supply of capacity was continuously affected by the situation in the Red Sea, and the global supply chain was generally tense. In the third quarter of 2024, as the main route market in Europe and the United States entered the peak season, the company's container shipping business achieved volume and price growth.
At the same time, in the face of the complex and changing global economic and trade situation, COSCO adheres to the certainty of its own development, copes with the uncertainty of the external environment, continues to "pursue new progress" on the new track of digital intelligence and green and low-carbon, continuously enhances the resilience of the global supply chain, effectively improves the core competitiveness of the enterprise, and has achieved good business performance.
At the 2024 semi-annual performance presentation meeting held on September 20, COSCO Sea Control analyzed and predicted that in the second half of the year, the container transport market was generally stable and orderly, the production and operation situation was normal, and the export space utilization rate of the main routes in Europe and the United States remained at a high level.
Looking ahead to the market in the second half of the year, COSCO believed that the global economy was showing a slow recovery trend, and the situation of the consolidated transportation market was cautiously optimistic. There were challenges such as complex and severe geopolitical situation, profound adjustment of the global economic and trade pattern, concentrated delivery of new market capacity, and increased implementation costs caused by green and low-carbon transformation. There are also opportunities for traditional markets to gradually recover, trade in emerging markets to maintain an acceleration, demand in the consolidation market to grow steadily, and cooperation in the industrial chain to become closer.
Cosco has also stressed that it will actively grasp the growth opportunities of emerging markets, continue to increase the capacity arrangement of relevant regions, dynamically match the growth trend of freight flow, and provide customers with more high-quality and efficient logistics transportation services.
In addition, with the increasingly strict global green regulation, the green and low-carbon development of the container industry has accelerated. In response to this trend, COSCO Offshore Control has steadily increased the proportion of new energy and clean energy powered ship capacity through a combination of new ships and upgrading existing ships.
According to reports, this batch of new ships have better navigation performance, suitable for a wide range of routes, can better meet the increasingly diversified transportation needs of customers, and is conducive to maintaining the first echelon of the global container liner industry.
Cosco Offshore said that it will continue to focus on the vision of COSCO Shipping Group to "accelerate the building of a world-class shipping technology enterprise", and actively promote supply chain ecological innovation, intelligent interconnection ecological innovation, green and low-carbon ecological innovation around its positioning of "global digital supply chain operation and investment platform with container shipping as the core". We will strive to foster new development models and new growth drivers through scientific and technological innovation, and better enable high-quality development with new quality productive forces.
