Cosco says shipping disruptions boosted 2024 net profit by 95%

China’s Cosco Shipping Holdings Co. forecasts that profits soared 91% in 2024.

The Shanghai-based parent of liner operator Cosco Shipping Lines in a statement to the Hong Kong stock exchange expects to report, pending any final adjustments, full-year record earnings on moderate growth in cargo volumes as disruptions from attacks on shipping in the Red Sea took capacity out of the market and kept freight rates high.

Earnings before interest and taxes for the year ending Dec. 31, 2024 were $9.54 billion, up 90.67% from $5 billion in 2…

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