COSCO SHIPPING Holdings H1 Net Profit at 13.393B Yuan, Down 23.59% YoY
nashnova research
COSCO Shipping Holdings posted RMB 13.393 billion in first-half net profit, down 23.59% year-on-year, even as revenue edged up 2.59% — more cargo moved, but falling freight rates ate into every box's margin.
Revenue up yet profit down — where did the money go?
H1 revenue hit RMB 111.922 billion, up 2.59% YoY; net profit fell to RMB 13.393 billion, down 23.59%.
This means → cargo volumes and top-line revenue both grew, but freight rates — the price per container — dropped faster, eroding profits.
EPS came in at RMB 0.88; interim dividend set at RMB 0.43 per share, roughly a 50% payout — the willingness to distribute remains intact.
Profit is shrinking — so why keep ordering ships past 5.3 million TEU?
As of end-July the owned fleet stood at 606 vessels with capacity of about 3.66 million TEU; newbuild orders on hand totaled 82 ships, around 1.18 million TEU.
Adding leased vessels under construction — roughly 0.5 million TEU — total existing-plus-order capacity has crossed 5.3 million TEU.
In plain terms = profits are falling yet the fleet keeps growing — management is betting on future demand, not current margins.
How did the four main trade lanes perform?
Trans-Pacific volumes rose 9.72% YoY, Asia–Europe 12.44%, intra-Asia including Australia 5.34%, and China domestic 9.97%.
This means → all four lanes posted solid volume growth; the problem is price, not demand — volumes rose but profits did not follow.
To manage Middle East disruption risk, COSCO linked safe ports along the Gulf of Oman with the Abu Dhabi hub to build an alternative routing network.
Can the supply-chain side business offset the pressure?
Non-shipping supply-chain revenue reached RMB 24.09 billion, up 11.61% YoY, driven by rail, warehousing, and customs services.
Key verticals include automotive, wind power, chemicals, and cross-border e-commerce; the company also built a bespoke China-to-Europe end-to-end logistics solution for home-appliance clients.
This reflects COSCO's push to evolve from "a shipping line" into "a supply-chain operator" — whether this segment can keep offsetting freight-rate headwinds in H2 is the swing factor for full-year earnings.
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