COSCO’s volume, revenue up in 3rd quarter
COSCO Container Lines moved 1.38 million TEUs in the third quarter, up 16.4 percent over the same period last year, while its quarterly revenue jumped 7.6 percent to RMB 9.21 billion ($1.2 billion), parent company China COSCO Holdings Co. Ltd. reported today.
Volume in the Asia/Europe route, including the Mediterranean, increased 25.6 percent to 336,048 TEUs. The revenue in that market improved 14.5 percent to RMB 2.87 billion ($363 million).
The transpacific volume increased 5.4 percent to 338,433 TEUs with revenue up 4.6 percent to RMB 3.69 billion ($467 million).
The Intra-Asia trade, in which COSCO includes Australia, saw a 17.4 percent increase in volume to 408,603 TEUs. Revenue for that trade was up 8.2 percent to RMB 1.58 billion ($200 million).
Volumes for mainland China improved 24.6 percent to 230,655 TEUs with revenue increasing 24.9 percent to RMB 451.2 million ($57 million).
COSCO’s volumes in the other international trades, including the transatlantic, improved 3.8 percent to 65,350 TEUs. Revenue in those combined markets dropped 16.4 percent to RMB 568.9 million ($72 million).
Revenue from chartering out tonnage in the third quarter soared 116.8 percent to RMB 45.7 million ($5.8 million).
Total throughput at China COSCO Holdings’ container terminals jumped 28.9 percent to 8.88 million TEUs in the third quarter and by 25.6 percent for the year to date to 23.88 million TEUs.
China COSCO Holdings owns 100 percent of COSCO Container Lines and about 50 percent of the port and container leasing company COSCO Pacific. In turn, COSCO Pacific has a 49 percent stake in COSCO Logistics.