Shanghai Pan Asia Shipping

COSCO’s Q1 profit 26 times higher than 2020

COSCO Ship Holdings (CSH), the container arm of the China COSCO group, said on 29 April that Q1 2021 net profit rose 26-fold, rising to CNY17.8 billion (US$2.71 billion), as the remarkable recovery in container shipping continued.

Revenue was up 80% to CNY64.84 billion (US$9.87 billion), with income from container shipping up 82% to CNY63.52 billion (US$9.67 billion). The Asia-Europe, Intra-Asia and Transpacific routes were the three highest contributors to the group’s revenue from container...

https://container-news.com/coscos-q1-profit-26-times-higher-than-2020/

COSCO extends 74-vessel hire on bareboat terms

COSCO Shipping Lines (COSCON) is switching period charter contracts for 74 container ships in its fleet to bareboat charters.

The ships, comprising 49 vessels of below 9,000TEU and 25 vessels ranging from Neo-Panamaxes to ultra-large container ships, were originally operated by China Shipping Container Lines (CSCL) before the China Shipping and COSCO groups merged in 2015.

Under the terms of the merger, CSCL was renamed COSCO Shipping Development (CSD) as this company switched from being a liner...

https://container-news.com/cosco-extends-74-vessel-hire-on-bareboat-terms/

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