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COSCO Shipping Specialized Carriers Co., Ltd. saw a 0.9% increase YoY in their revenue to RMB 5.87 billion and a 91.66% increase YoY in net profit attributable to shareholders of listed companies to RMB 643 million in the first half of the year, according to their report.
After the passing boom of container shipping industry, almost all major container shipping company saw a sharp decrease in their revenue, while COSCO Shipping Specialized Carriers witnessed an surprising leap in revenue. The profit mainly comes form their major businesses.
COSCO Shipping Specialized Carriers mainly focus on the heavy lift market. Just as Kyriacos Panayides, CEO of AAL Shipping, said while rates for conventional multipurpose cargo (MPP) has been edging down, demand for heavy project cargo is on the rise “with long-awaited projects opening up around the world”.
Additionally, PCTC is also one of the companies major focuses. PCTC market is booming in recent years. According to Clarkson research, as of July 2023, the one-year rental rate of the 6,500 CEUs PCTC has remained at an all-time high of $110,000 per day for seven consecutive months.
Besides, the Company made an asset impairment provision of RMB 509 million for 24 ships with obvious signs of devaluation, which correspondingly reduced the company's net profit attributable to shareholders of listed companies by RMB 434 million in the same period of last year. This was not included in the report.
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