COSCO SHIPPING Holdings reported third-quarter net profit attributable to shareholders of RMB17.23 billion (approximately US$2.57 billion), up 128.45% from the previous quarter and 80.73% year on year, as stronger revenue on its main east–west trades helped return nine-month earnings to growth.

The results, announced on 29 October 2026, brought attributable profit for the first nine months to RMB30.65 billion (approximately US$4.56 billion), an increase of 13.22%. Earnings in the third quarter alone exceeded the total for the first half. Alongside the recovery in its core liner business, the group continued to expand logistics services, connect its shipping and terminal networks, and invest in digital systems and alternative-fuel vessels.

Third quarter earnings exceed the first half total

The quarterly progression shows how sharply earnings accelerated. Attributable profit rose from RMB5.88 billion (approximately US$0.88 billion) in the first quarter to RMB7.54 billion (approximately US$1.12 billion) in the second, before reaching RMB17.23 billion in the third. The latest quarter exceeded the first-half total of RMB13.42 billion (approximately US$2.00 billion) by around 28.4% and accounted for approximately 56.2% of nine-month earnings. A 23.48% year-on-year decline in first-half attributable profit consequently became a 13.22% increase over the first nine months.

Revenue and earnings excluding non-recurring items followed the same direction. Third-quarter revenue increased 29.39% to RMB75.69 billion (approximately US$11.27 billion), taking nine-month revenue to RMB187.61 billion (approximately US$27.94 billion), up 11.94%. Third-quarter attributable profit excluding non-recurring gains and losses was RMB17.18 billion (approximately US$2.56 billion), up 80.86%. Its close alignment with the headline result indicates that the recovery was centred on ongoing business earnings.

Nine-month attributable profit had already approached the RMB30.87 billion (approximately US$4.60 billion) earned in the whole of 2025. For a liner operator, converting improving market conditions into revenue depends on securing cargo and deploying ships where demand can support higher returns. COSCO SHIPPING Holdings entered the third quarter with two profitable quarters behind it and substantially increased its earnings contribution as the year progressed.

Main trade routes deliver stronger revenue

Improving freight markets provided an important contribution. The average China Containerized Freight Index composite reading increased 19.46% year on year over the first nine months, while the group reported higher container volumes and revenue per container. In the third quarter, its container shipping business carried 7.21 million TEU, up 4.46%, and generated revenue of RMB73.30 billion (approximately US$10.92 billion), an increase of 30.35%. Revenue growth well ahead of volume growth indicates the contribution of better pricing and changes in the business mix.

The transpacific and Asia–Europe trades were major sources of that improvement. Third-quarter transpacific volumes rose 12.98%, while route revenue increased 61.20% to RMB23.45 billion (approximately US$3.49 billion). Asia–Europe volumes grew 14.64%, with revenue up 25.74% to RMB13.72 billion (approximately US$2.04 billion). The company said it adjusted capacity deployment on US West Coast and Asia–Europe services and strengthened coordination with ports and inland transport. These operating measures supported its response to stronger demand on the main trades.

Regional services also added revenue. Third-quarter volumes on intra-Asia routes, including Australia, rose 1.85%, with revenue up 18.13%. Other international routes recorded volume growth of 3.09% and revenue growth of 18.73%. The gains across several trade groups give the company a broader set of opportunities to match vessel deployment with changing cargo flows.

COSCO SHIPPING Lines, the group’s wholly owned operating subsidiary, carried 15.24 million TEU in the first nine months, up 6.47%. Its container shipping revenue reached RMB126.07 billion (approximately US$18.78 billion), and net profit was RMB18.73 billion (approximately US$2.79 billion), both higher than a year earlier. The group’s second liner brand is Orient Overseas Container Line (OOCL), held through controlled subsidiary Orient Overseas (International) Limited. Together, the two brands combine customer relationships and regional coverage across the group’s global network.

Logistics services generate RMB37 billion in revenue

Services beyond the ocean leg are becoming a substantial part of the business. Non-ocean supply chain revenue within the container shipping segment reached RMB37.15 billion (approximately US$5.53 billion) in the first nine months, up 12.92%, and accounted for roughly one fifth of segment revenue. These services extend the carrier’s involvement from factory dispatch through customs clearance, warehousing and delivery, giving it more opportunities to participate in customers’ regular logistics operations.

Previous Xinde Marine News reporting has followed rail connections between Pasir Gudang and Port Klang in Malaysia, automotive component movements from Yongchuan in western China through Qinzhou to Brazil, and sea–rail transport between Huizhou and Yantian in southern China. Each addresses a different part of the cargo journey. During the third quarter, the company also introduced international freight train services to Central Asia, improved rail access at Xiamen Ocean Gate Terminal and launched a China–Peru–Brazil sea–air corridor. It said the latter reduced transit time by approximately 10 days compared with an all-sea journey.

Earlier investments and partnerships provide resources for those services. The group has pursued capital cooperation with SAIC Anji Logistics, established a supply chain platform with Beibu Gulf Port Group and continued to develop warehousing capacity. COSCO SHIPPING Lines’ Uruguay operation has also worked with Xiaomi on a bonded warehouse project linking storage, customs clearance, distribution and cross-border delivery. These projects connect ocean transport with customers’ production schedules, inventory requirements and overseas sales.

A fleet of 610 ships connects with a global port network

At the end of September, COSCO SHIPPING Holdings operated 610 container vessels through COSCO SHIPPING Lines and Orient Overseas (International), with combined capacity of approximately 3.66 million TEU. Its services called at 676 ports in 147 countries and regions. Connecting that sailing network with rail, road, warehouses and customs services allows the group to offer customers transport arrangements extending well beyond the port gate.

Activity across its terminal portfolio also increased. COSCO SHIPPING Ports recorded total throughput of 122.42 million TEU in the first nine months, up 8.07%. Overseas throughput grew 18.53% to 32.46 million TEU, while third-quarter overseas throughput increased 19.45%. The expansion in cargo handled at overseas terminals adds operating scale to the group’s international network.

The practical value of closer shipping and terminal coordination lies in how schedules, berths, transshipment connections and inland movements are organised. Better alignment can reduce waiting between transport stages and expand routing and delivery options. The development of connections involving Chancay in Peru, Yangpu in Hainan, the Beibu Gulf and Chongqing illustrates how the group is linking maritime gateways with the cargo-producing regions they serve.

AI tools enter routine use as green fleet investment continues

The wider logistics offering is being accompanied by changes in customer service and operating systems. The company said its AI quotation agent and intelligent customer service system entered regular operation during the third quarter. It also continued to develop its Intelligent Supply Chain Manager and tools for large orders, alongside a digital management system for multimodal transport. Earlier upgrades to its order system and online logistics products show how these tools are being incorporated into booking and shipment management.

Their commercial usefulness depends on connecting information with transport resources. A quotation needs to lead to available capacity and an executable delivery arrangement. Once booked, a shipment may require coordination across vessel schedules, rail services, warehouses, customs and local delivery. Developing digital systems alongside these physical services can improve coordination and make shipment progress easier for customers to follow.

Fleet renewal is progressing in parallel. The group’s newbuilding commitments this year have included LNG dual-fuel vessels in the 18,000 TEU, 13,600 TEU and 22,000 TEU classes, alongside its existing methanol dual-fuel newbuilding and conversion programme. It reported nine methanol dual-fuel containerships already in service. COSCO SHIPPING GEMINI received 7,500 tonnes of methanol in a single operation, setting a COSCO SHIPPING Group record. Participation in the Shanghai–Melbourne and Yangpu–Abu Dhabi green shipping corridors also connects investment in vessels with work on fuel supply and alternative-fuel transport services.

Cash generation supports investment and shareholder returns

The earnings recovery was accompanied by stronger cash generation. Net cash inflow from operating activities increased 19.83% to RMB47.91 billion (approximately US$7.14 billion) in the first nine months. Cash and cash equivalents stood at RMB151.83 billion (approximately US$22.61 billion) at the end of September. Liabilities were 41.36% of total assets, while equity attributable to shareholders reached RMB242.40 billion (approximately US$36.10 billion). These resources give the group room to continue fleet renewal and invest in its logistics network.

Shareholder distributions continued alongside those investments. Approximately 50.02 million A-shares repurchased under the fifth programme were cancelled on 8 October. Across five repurchase programmes, the company said it had bought back and cancelled a total of 961 million A-shares and H-shares. Its 2026 interim cash dividend was paid on 23 October.

The company’s next steps include further adjustments to its global capacity deployment and closer coordination of shipping, ports and logistics. It is developing tailored services for customers in photovoltaics, lithium batteries, new energy vehicles and cross-border e-commerce, linking transport with overseas inventory and delivery requirements. Stronger operating cash flow provides funding to extend these services while renewing the fleet and returning capital to shareholders. For the group, the commercial opportunity is to convert its wider logistics coverage into lasting customer relationships across changing trade conditions.

US dollar equivalents are approximate and use the 29 October 2026 central parity reference rate of RMB6.7147 per US dollar. Growth rates are based on the reported renminbi figures.