Shipping giant Cosco forecasts annual profit growth of 800%
One of the largest shipping companies in the world - Chinese Cosco Shipping - expects an increase in profit by 800% by the end of last year. This is stated in the statement of the holding, published on Tuesday on the Hong Kong Stock Exchange.
"The Board of Directors wishes to inform shareholders and potential investors that the [Cosco] group is expected to record a net profit of about 89.28 billion yuan ($14.1 billion). This represents an increase of 79.35 billion yuan, or 799.3% compared to the previous period.",
"In 2021, under the influence of many factors, including repeated outbreaks of COVID-19, growing demand and limited supply, the global supply chain faced problems, the consequences of port congestion, container shortages and delays in domestic transportation," the company noted.
According to preliminary estimates, for the year, the volume of container traffic of Cosco amounted to 26.912 million TEU (unit of measurement, corresponds to the volume of a standard 20-foot container), an increase of 2.15%.