(Photo credit: COSCO)

China’s Cosco Shipping Holdings Co. forecasts that profits soared 91% in 2024.

The Shanghai-based parent of liner operator Cosco Shipping Lines in a statement to the Hong Kong stock exchange expects to report, pending any final adjustments, full-year record earnings on moderate growth in cargo volumes as disruptions from attacks on shipping in the Red Sea took capacity out of the market and kept freight rates high.

Earnings before interest and taxes for the year ending Dec. 31, 2024 were $9.54 billion, up 90.67% from $5 billion in 2023. Record net profit of $7.55 billion was ahead 95% from $3.87 billion the previous year.

Record net profit attributable to shareholders was $6.7 billion, up 106% from $3.25 billion in 2023, and record net profit attributable to shareholders after deducting nonrecurring profit and loss was $6.68 billion, a gain of 106% from $3.24 billion for the same period in 2023.

The company said it restated 2023 results slightly lower due to internal consolidations.

“In 2024, the cargo volume of the container shipping market displayed a moderate growth trend overall,” the company said in the statement. “Coupled with factors such as the escalating situation in the Red Sea region which led to a short supply of effective transportation capacity, the market freight rate remained at a relatively high level.”

Container volume increased year on year, and its integrated supply chain services helped “in the face of the complex and volatile global economic and trade situation,” the company said, though it offered no details.

Cosco said that it is still finalizing full 2024 earnings.

Find more articles by Stuart Chirls here.

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