Revenue from COSCO Group’s container shipping activities fell to RMB 45.7 billion in the first quarter of 2023, a 56% decrease from the same period a year earlier, Alphaliner reports.
The Shanghai-based group reported operating profit (EBIT) of RMB 9.3 billion (USD 1.3 billion) versus RMB 39.5 billion for the first three months of 2022. Net profit attributable to shareholders was RMB 7.6 billion (Q1 2022: RMB 33.1 billion).
Alphaliner concludes that the drop in revenue is the steepest yet announced by a major airline. Withdrawals in the period fell 11.5% yoy to 5.4 Mteu, with the biggest drop seen in the Trans-Pacific, where volumes fell nearly 19% to less than one million teu (0.98 Mteu). Average rates reported by the group were $1,126 per teu over the three-month period, up from $2,536 per teu in Q1 2022.