COSCO SHIPPING Reports Record Profits in 2024
COSCO SHIPPING Holdings announced a remarkable increase in annual profits, achieving an operating revenue of RMB 233.86 billion (US$32.3 billion) for 2024, marking a 33.3% rise compared to the previous year. The company’s Earnings Before Interest and Taxes (EBIT) surged to RMB 69.95 billion (US$9.65 billion), reflecting a substantial 90.8% year-on-year increase. Net profit reached approximately RMB 55.40 billion (US$7.6 billion), representing a growth of 95%, while net profit attributable to shareholders climbed by 105.8% to RMB 49.10 billion (US$6.8 billion).
In 2024, COSCO SHIPPING handled 25.94 million TEUs, a 10.1% increase from the prior year, and the total throughput of COSCO SHIPPING Ports exceeded 144 million TEUs with a 6% growth.
The company reaffirmed its commitment to shareholder returns, with the Board of Directors recommending a final cash dividend of RMB 1.03 (tax included) per share for 2024. This, combined with the interim cash dividend already distributed, will result in approximately 50% of the net profit attributable to shareholders being returned. COSCO plans to distribute total cash dividends accounting for 30%-50% of the net profit attributable to shareholders over the next three years.
In 2024, COSCO took delivery of 12 new vessels with a combined capacity of 230,000 TEUs, which have been deployed on major routes to Europe and America, as well as in emerging Latin American markets. By the end of 2024, the company’s self-operated fleet capacity surpassed 3.3 million TEUs, serving 629 ports across nearly 145 countries.
In light of the evolving shipping alliances, COSCO has extended its collaboration with Ocean Alliance members until 2032 and launched the DAY8 and DAY9 service products.
COSCO anticipates that the container shipping industry will face complex and volatile conditions. The company noted that geopolitical factors, uncertainty in the Red Sea, and increased trade tariff policies could significantly alter global cargo flow patterns. However, the resilient global economy, the emergence of new markets, and regional economic integration are expected to present new opportunities in the container shipping sector.
