Cosco Shipping Holdings, China’s largest container shipping line, has reported substantial gains in revenue and profits for the year 2024. According to a report by Yahoo Finance, the company achieved an operating revenue of $33.29 billion, marking a 33.29% increase from the previous year. The world’s fourth-largest container carrier, listed as OTC: CICOF, also recorded earnings before interest and taxes (EBIT) of $9.79 billion, a 90.74% rise year over year. Net profit for Cosco soared by 95% to $7.75 billion, with net profit attributable to shareholders reaching $6.87 billion, reflecting a 105.78% increase from the previous year.

This impressive financial performance is attributed to robust consumer demand in the United States and the impact of the Red Sea crisis, which prompted carriers to reroute vessels onto longer, more expensive paths, thereby absorbing capacity and elevating rates.

Despite these gains, Cosco faces challenges in the U.S. market, including trade tariffs and proposed port fees on Chinese ships, which could significantly increase operating costs. Cosco is a member of the Ocean Alliance, alongside Orient Overseas Container Line of Hong Kong, CMA CGM of France, and Taiwan’s Evergreen Marine.

Source: IndexBox Market Intelligence Platform