China's container giant forecasts massive surge in profits

2023-02-27 15:28:59

Shipping Container Ship arrives at Yangshan port in Shanghai on Feb 20, 2021.

BEIJING -- COSCO Shipping Holdings Co Ltd (COSCO Shipping), one of the largest container carriers worldwide, forecast soaring profits in 2021 due to the tight supply of containers amid the pandemic.

Net profit attributable to shareholders during the period will likely jump 799.3 percent, year-on-year, to about 89.28 billion yuan (about $14 billion), according to a report the company filed with the Shanghai Stock Exchange.

Global supply chains were confronted with challenges and impacts from port congestion, container shortage, and inland transportation delays.

Looking toward 2022, the company said that both challenges and opportunities lie ahead, but there will be no radical changes in market fundamentals considering demand and supply.

The company will continue to deepen the integration of the container shipping business and terminal business segment, continuously strengthen business-model innovations via digital technology, and build the new ecology of smart and green shipping.

"The company is confident of achieving good results in 2022," said the report.