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Cosco Shipping Holding expects 95% profit increase in 2024Cosco Shipping Holding expects 95% profit increase in 2024

Chinese shipping giant Cosco Shipping Holding has announced an estimated record net profit of RMB55.37 billion ($7.55 billion) in 2024.

Katherine Si, China Correspondent

January 13, 2025

1 Min Read
Credit: Cosco Shipping

The RMB55.37 profit for last year by Cosco Shipping Holding represents substantial growth of 94.99% as compared to 2023.

The company said that in 2024, the cargo volume of the container shipping market displayed a moderate growth trend overall.

“Coupled with factors such as the escalating situation in the Red Sea region which led to a short supply of effective transportation capacity, the market freight rate remained at a relatively high level,” said Cosco Shipping Holding.

In the face of the complex and volatile global economic and trade situation, the company persisted in coping with the uncertainties of the external environment with the certainty of its own development, consistently adhere to the principle of seeking progress while maintaining stability with regard to the construction of the main container shipping lanes, Cosco Shipping Holding said.

It added that the company continued to seek innovation with progress amid the new competition in respect of digital intelligence and green and low-carbon development, constantly bolstering the resilience of its globally supply chain, continuously building an integrated full-chain service, and effectively enhancing its core competitiveness. 

In 2024, Cosco Shipping Holding recorded an increase in volume and freight rate of its container shipping business on a year-on-year basis, achieving better operating results. 

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Cosco ShippingChina

About the Author

Katherine Si

China Correspondent

China-based Katherine Si has worked in the maritime industry since 2008 is well-connected with local industry players including Chinese owners and yards.

Having majored in English Katherine started at news portal ShippingChina.com where she rose to become a News Editor. In 2008 she moved to work with Seatrade and has since held numerous positions including China correspondent for Seatrade Maritime Review magazine.

With extensive experience in writing, research and social media promotion, Katherine focuses on the shipping and transport sectors.

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