COSCO cashes $13.6 billion profit for 2022

COSCO Shipping Holdings has achieved more than $13 billion in profit in the first three quarters of 2022.

Net profit, as reported by the Chinese shipping giant, came in at CNY97.2 billion ($13.6 billion) in the nine months ending 30 September.

For the first half of the year, net profit was CNY64.7 billion ($9.01 billion), a 74 per cent increase from the first half of 2021.

COSCO’s profits in the third quarter was CNY32.5 billion ($4.47 billion) a dip of 12 per cent from the second quarter of 2022.

COSCO Shipping Ports Limited (CSPL), the company’s ports arm, is angling to buy a stake in the Port of Hamburg’s Tollerort Terminal, representing a big win for the port; and is motivated by business motives only, Axel Mattern, CEO of Port of Hamburg Marketing, said last month.

COSCO undertook the strategic investment to receive a 35 per cent minority share in the Hamburger Hafen Und Logistik (HHLA) Container Terminal Tollerort (CTT) in September 2021.

Source: porttechnology.org