The group’s container shipping volume increased by 8.6% year-over-year to reach 6.6 million TEUs (twenty-foot equivalent units). COSCO SHIPPING, one of the group’s two main divisions, reported a particularly strong performance, with a 10.8% increase in liftings to 4.6 million TEUs, surpassing its sister brand, OOCL.
COSCO’s robust quarterly performance brings its net profit for the first nine months of 2024 to RMB 39.1 billion (USD 5.5 billion), a 79% increase compared to the same period in 2023. Total container volumes over this period reached 19 million TEUs, up from 17.5 million in 2023, with COSCO SHIPPING once again driving the majority of these gains.
With an operating margin exceeding 39% for the quarter, COSCO Group is on course to secure one of the highest margins among the world’s large container carriers, outpaced only by select Asia-based transpacific specialists. The latest financial results reflect COSCO’s strong position in the global shipping industry, with Q3 profits alone surpassing the company’s total earnings for all of 2023.
