COSCO Shipping Holdings has reported reduced net profits of RMB
1,322 M (USD 189 M) for its container business segment in the first
half of 2020, down from a profit of RMB 1,396 M last year.
Revenues for the segment – covering the group’s dual-brand fleet of
COSCO Shipping Lines and OOCL* – were up nearly 4% at RMB
71,587 M. However, EBIT fell to RMB 2,797 M from RMB 3,383 M in
2019, while the EBIT margin fell from 4.9% to 3.9%.
Total liftings fell 5% to 11.8 Mteu in the first six months of the year,
with COSCO Shipping Lines sustaining a bigger fall than OOCL, partly
due to its mainland China activities. However, overall revenue from
liftings rose 4.7%.
Overall, Trans-Pacific volumes were down nearly 4%, while Asia and
Europe routes including the Mediterranean fell 6%. Asia region business,
including Australia, fell 1%. However, revenue on these same
routes rose 1%, 7% and 14% respectively.
In response to COVID-19, COSCO Shipping strengthened resource
allocation in non-China markets. Non-China cargo volumes for the
two brands rose to 38.6% in the period, up from 37% in 2019.