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Cosco suffers 80% drop in profits

Caption: Photo: ACP

The Chinese liner shipping company Cosco, No. 4 in the global ranking, reports an 80% drop in profits for 2023.

At the end of the year, the company had around USD 5.1 billion on its books, only a fifth of what it had earned in the previous year. The decline was thus higher than the rate level, which fell by 66% on average, writes Alphaliner. [ds_preview]

In the fourth quarter of the year, profit (EBIT) fell from RMB 8.5 billion in the previous third quarter to RMB 3.4 billion.

The Group, which includes OOCL as well as Cosco, is ranked fourth in the list of globally operating liner shipping companies. It was one of seven major shipping companies that increased their fleet capacity in 2023. 182,000 TEU corresponds to an increase of 6.4%. The entire fleet currently comprises a good 3 million TEU.

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