COSCO SHIPPING Holdings achieved a profit of 37.1 billion yuan in H1

On the evening of July 7, COSCO SHIPPING Holdings disclosed its performance forecast. In the first half of the year, the profit was 37.09 billion yuan, a year-on-year increase of 3162%. The net profit in the same period last year was 1.137 billion yuan.
 
The former "loss king" now makes a net profit of 200 million yuan a day, becoming the benchmark for A-share performance growth stocks. On July 7, COSCO Shipping Holdings once rose nearly 8%, closing at 32.6 yuan, an increase of 5.37%, and the total market value of the stock reached 401.5 billion yuan.
 
The company's first-quarter profit of 15.5 billion yuan is equivalent to 21.6 billion yuan in the second quarter, 6 billion yuan more than in the first quarter.
 
Since June last year, the company's share price has risen from around 3 yuan to more than 30 yuan, which means the company's share price has soared tenfold in 13 months. According to market data statistics, from March 8 to the present 4 months, the cumulative increase of COSCO SHIPPING Holdings reached 206%.
 
COSCO said the container shipping market continued to improve during the reporting period with the average CCFI of 2,066.64 points, up 133.86% from the same period last year and 92.44% from the second half of the previous year.
 
With the rapid increase in freight rates under the epidemic, starting from the third quarter of 2020, COSCO SHIPPING Holdings has increased significantly from 846 million yuan in the second quarter to 2.723 billion yuan, and the net profit attributable to the parent in the fourth quarter of 2020 has jumped to 6.067 billion yuan.
 
Financial results show that the company in the first quarter of 2021 year attributable to the shareholders of the listed company net profit of 15.452 billion yuan, the profit of 292 million yuan in the same period last year, a year-on-year growth of 5200.62%.
 
In the first quarter alone, it is fully comparable to previous full-year figures. Historically, the peak profit of COSCO SHIPPING Holdings was in 2007, which was only 19.085 billion yuan.
 
In addition, the third quarter is the traditional peak season of container transportation. European and American countries will prepare goods in advance for the Christmas holiday, and the phenomenon of replenishing inventory in the short and medium term will continue. According to Clarkson's forecast, the growth rate of container transportation demand in 2021 will be close to 7%.
 
Source: Sarah Yu, XINDE MARINE NEWS

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