by Manal Barakat, SeaNewsEditor

COSCO Shipping Holdings expects a significant increase in its third-quarter net profits, reaching Yuan 21.5 billion ($3 billion), reports Lloyd's List.

The container shipping and port-arm of China’s state-owned company, China Cosco Shipping Corp, achieved significant earnings before interest and tax for Q3, They increased by nearly 250% year-on-year, reaching Yuan 29.76 billion ($4.17 billion).

Net profit and EBIT climbed by 72.7% and 63.7%, respectively, to Yuan 38.1 billion ($5.33 billion) and Yuan 54.4 billion ($7.62 billion) for the first nine months of 2024.

With the fourth-largest boxship fleet in the world, COSCO Shipping Holdings observed that while cargo volumes in important markets grew moderately during this time, the Red Sea situation continued to impact shipping capacity.

Orient Overseas Container Line (OOCL), one of the company’s container subsidiaries, reported a 3.6% increase in total lifting volumes in July-September.

Lloyd's List adds that, on the transpacific routes, OOCL’s volumes and revenue surged by 15.6% and 99.4%, respectively.