China COSCO’s liner revenue up on Asia/Europe rate gains

China COSCO’s liner revenue up on Asia/Europe rate gains China COSCO Holdings, parent of COSCO Container Lines, has reported that its revenue from container shipping rose 21.8 percent in the third quarter to RMB11.22 billion ($1.50 billion), up from
RMB9.21 billion in the same quarter in 2006.
      COSCO’s container volume in the three months increased 7.2 percent to 1.47 million TEUs.
      The transpacific market showed the highest volume gain of all COSCO’s international trades rising 17.8 percent to 398,675 TEUs with revenue in that trade up 9.5 percent to RMB4.05 billion ($540 million).
      But it was the Asia/Europe (including Mediterranean) trade that boosted container sales as revenue soared 44.1 percent during the third quarter to RMB4.41 billion ($553 million). Volume increased by a more modest 6.5 percent to 358,039 TEUs indicating that rate restoration programs have been successful.
      COSCO’s intra-Asia (including Australia) volume declined 10.2 percent to 367,105 TEUs but revenue still managed to climb 6.3 percent to RMB1.68 billion ($224 million).
      Other international (including transatlantic) volume improved 3.9 percent to 67,903 TEUs. Revenue there increased 12.9 percent to
RMB642.2 million ($86 million).
      Domestic China volume increased 24 percent to 286,021 TEUs with revenue up 47.9 percent to RMB667.2 million ($89 million).
      After nine months, China COSCO’s container shipping revenue increased 19.2 percent to RMB29.01 billion ($3.87 billion) helped by
11.2 percent higher container movement at 4.25 million TEUs.