COSCO’s revenues jump with OOCL acquisition

Company reports transpacific volumes were up 71 percent in the third quarter.    COSCO Shipping Holdings said it had a net profit of 1.36 billion yuan renminbi (RMB) ($196 million) in the third quarter of 2018 compared with 1.17 billion RMB in the same 2017 period. Total revenue for the third quarter was 37 billion RMB ($5.3 billion) compared with 24.1 billion RMB in the third quarter of 2017.
   COSCO acquired the parent company of the container carrier Orient Overseas Container Line (OOCL) this summer.
   In the first nine months of 2018, profit amounted to 2.13 billion RMB compared to 4.57 billion RMB recorded in the same period last year.
   Revenue for first nine months of 2018 amounted to 82.1 RMB compared with 67.6 billion RMB in the same 2017 period.
   COSCO Shipping said said revenue from container shipping and related business amounted to 78.1 billion RMB, representing an increase of 13 billion RMB or 20 percent as compared to the same period of last year.
   In addition to owning 100 percent of COSCO Shipping Lines, COSCO Holidng owns 75 percent of Orient Overseas International Ltd., the parent company of the container carrier OOCL and 47.14 percent of COSCO Shipping Ports.
   COSCO Shipping Holding said for the third quarter ended Sept. 30, container shipping volume 6,733,276 TEUs, representing an increase of 44 percent as compared to the same period of last year. For the first three quarters, the total shipping volume of container routes was 16,022,781 TEUs, representing an increase of 22 percent as compared to the same period of last year.
   The company saw big growth in the transpacific market, where volume was up nearly 71 percent.
  Container volumes at its terminals were about 30.8 million TEU in the third quarter this year, up 11 percent over the same period last year. In the first nine months of 2018, they were about 87.5 million TEU, up 20.6 percent ahead of the same 2017 period.