COSCO Shipping Holds the Line on Rates But Sees Profitability Halved — Panjiva


COSCO Shipping Holds the Line on Rates But Sees Profitability Halved

Corp - Shipping 608 Earnings 365 Global 722 Mode - Containerized 1005 Mode - Seaborne 1273

COSCO Shipping and Orient Overseas have issued their first post-merger financial reports, with third quarter revenues growth of 8.5% and 7.0% respectively. While both only managed marginal increases in average container rates (at 1.1% for COSCO and 0.1% for Orient) that was still slightly better than the 1.2% decline seen in market rates. Orient Overseas clearly outperformed its new owner on Transpacific routes though, shown by a 6.4% rise in China-to-U.S. shipping vs. COSCO’s 9.4% decline. Yet, the surge in fuel prices meant that there was a collapse in profitability. COSCO Shipping (wh...

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