Although the company did not disclose specific volume or revenue figures in its annual projections, it noted in a statement to the Hong Kong Exchange that recent Red Sea diversions have led to capacity shortages, helping to sustain freight rates at “a relatively high level.”

“In 2024, the company experienced an increase in both volume and freight rates within its container shipping operations, resulting in improved operating performance,” Cosco stated.

Additionally, an operational update from OOCL, a subsidiary of Cosco, provided further insights, although detailed profit and loss figures will not be available until March. OOCL reported annual revenue for 2024 just shy of $10 billion, reflecting a 30% year-over-year increase. This surge was driven by a robust fourth quarter, where volumes rose by 3.5% to 7.6 million TEUs, and the average revenue per TEU surged by 46.2% compared to the last quarter of 2023.

The positive operating results and Cosco’s optimistic profit forecast suggest that the container shipping sector has returned to profitability after a challenging end to 2023, during which several carriers, including Maersk and Hapag-Lloyd, reported losses in the fourth quarter.