COSCO SHIPPING Holdings, which houses the Cosco Group’s container line and terminal activities, has reported a positive recovery in the first quarter of 2024.

CSH posted EBIT of RMB9.98 billion ($2.12 billion), total profit of RMB9.16 billion and net profit of RMB7.68 billion respectively. The net profit attributable to the shareholders of the company was approximately RMB6.76 billion, surging by 277.6% sequentially on significant improvement in operating efficiency, the company said.

During the reporting period, the company achieved operating revenue of RMB48.27 billion, representing a positive growth year-on-year. Of this, revenue from the container shipping business amounted to RMB46.53 billion, representing an increase of 1.82% year-on-year, while revenue from terminal business amounted to RMB2.38 billion, up 4.35% year-on-year.

CSH reported its shipping volume and terminal throughput achieved significant improvement. Liftings by the container shipping business amounted to 6,027,300 TEU, a year-on-year improvement of 10.53%, while the total throughput of the terminal business amounted to 33,262,200 TEU, an increase of 9.76% year-on-year.

As the company continued to develop its digital supply chain, supply chain revenue other than ocean shipping reached RMB7.43 billion, up approximately 3 percentage points year-on-year.

“For the year to date, COSCO SHIPPING Holdings, actively grasping market opportunities, pushed for the development of new quality productive forces, accelerated the “digital intelligence” and “green low-carbon” transformation, and further advanced high-quality development. As a result, the company kicked off the year with promising operating results,” CSH said.

It described this as “a show of strength evidenced by global development”. In the first quarter of 2024,CSH’s capacity steadily grew to approximately 3.1 million TEU, while the Ocean Alliance (of which COSCO is a key member) announced the extension of operational cooperation for at least five additional years to 31 March 2032.

At present, CSH operates a total of 436 routes, calling at 611 ports in nearly 144 countries and regions around the world. The coverage of its routes significantly improved when compared with the end of last year, it said.