In a preliminary report on its financial performance, Chinese shipping giant Cosco Shipping Holdings announced that its net profit tripled to $3 billion in Q3 2024
The Red Sea crisis certainly influenced market dynamics during this year’s peak season, contributing to rising cargo volumes and spot freight rates.
Between July and September, earnings before interest and taxes (EBIT) reached $4.15 billion, i.e. a 250% year-on-year growth.
In the first nine months of 2024, its net profit was up 72.7% to $5.3 billion and, likewise, its EBIT by 63.7 % to $7.5 billion.
Translation by Giles Foster