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China's COSCO Shipping estimates net profit of $14 bn in 2021
11 Feb '22
1 min read
Pic: COSCO Shipping Corporation Limited
China’s COSCO Shipping Holdings Co., Ltd. (COSCO Shipping), one of the largest container carriers worldwide, estimates its net profit for 2021 to soar by 799.3 per cent year-on-year (y-o-y) to about $14 billion.
The company claims its rigid supply of containers amid the pandemic to be the major reason for the massive surge in profits during the year.
The global supply chain had to face challenges and impacts from port congestion, container shortage and inland transportation delays in 2021, COSCO Shipping said in a report filed with the Shanghai Stock Exchange.
The international trading company further said that both challenges and opportunities are ahead but will have no major changes in its market fundamentals considering the demand and supply.
COSCO is confident in achieving good results in 2022 and will continue to strengthen the integration of container shipping business and terminal business segment, business-model innovations through digital technology, and build a new ecology of smart and green shipping, the company said in the report.
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