COSCO is sailing full speed ahead

COSCO Group revenue from its container shipping business exceeded RMB 104.8 billion in the first half of 2025. Compared to the first half of 2024, this represented a 7.49% increase, with COSCO SHIPPING Lines generating revenue exceeding RMB 73 billion from its container shipping business, according to COSCO Holdings in a release published in August of this year.

In the first half of this year, revenue from shipping services increased by over RMB 5.57 billion, or 8.26%, compared to the same period last year. Revenue from terminal operations exceeded RMB 5.84 billion, representing an increase of nearly RMB 751 million compared to the first half of the previous year. These figures reflect the operator’s marked resilience in the face of turbulence in the global logistics market, extended transport connections, and falling freight volumes.

This resilience is the result of investments in the continuous development of a globally integrated network of terminals with ocean and land services. It is also the result of excellent global logistics management supported by the latest IT, IoT, and AI tools. This is the result of providing comprehensive logistics services, encompassing transportation, warehousing, and cargo completion at all stages of the logistics chain.

Record-breaking 2024

Revenue growth from both business lines in 2025 was not as strong as in 2024. However, it provided an excellent springboard for continued growth in oceans, terminals, global logistics, and land transport. Last year, the COSCO Group recorded operating revenue of nearly RMB 233.86 billion. Last year, sales achieved an unprecedented 33.29% year-on-year growth, according to the COSCO Group’s annual report.

Source: COSCO SHIPPING Holdings Co. Ltd.

Despite disruptions related to increasing competition and the turbulence in the global logistics market, EBIT increased by 91.27%, approaching RMB 70.15 billion. Net profit increased by 95.77% year-on-year, approaching RMB 55.6 billion. Return on equity (ROE) reached 22.63%, a 10.83% increase year-on-year. This was reflected in earnings per share of RMB 3.08. In 2024, this category achieved a remarkable 108.11% increase year-on-year.

At the end of the reporting period, the debt ratio decreased by approximately 4.69% to 42.70% compared to the beginning of the reporting period. The growth in net operating income was remarkable. In 2024, it reached RMB 69.313 billion, representing a 206.91% increase compared to the previous year. Considering the above-mentioned excellent results, the Supervisory Board recommended the payment of a final cash dividend for 2024 of RMB 1.03 per share (including tax) to all shareholders.

“On behalf of the Board of Directors of COSCO SHIPPING Holdings, I would like to express our sincere gratitude and great respect to our shareholders, customers, partners, and all employees for their continued support. Rewarding shareholders through achieving outstanding operating results,” wrote Wan Min, Chairman of the Board of Directors, COSCO SHIPPING Holdings Co. Ltd., in the annual report.

Including interim cash dividends of RMB 0.52 per share (including tax) for 2024, already paid to shareholders, the total amount of cash dividends paid for 2024 represented approximately 50% of the net profit attributable to the Company’s shareholders. For 2025, the estimated amount was RMB 0.56 per share (including tax). The estimated total cash dividend was RMB 8.674 billion (including tax). The dividend payout ratio for the first half of 2025 was approximately 50%.

These results were achieved despite increased operating costs related to the extension of services around Africa. The company also maintained its sales growth trend despite a decline in freight on all ocean routes. Therefore, the management board of COSCO Holding announces that in the financial years 2025–2027, the total annual amount of cash dividend to be paid should constitute 30%–50% of the consolidated net profit attributable to the company’s shareholders in a given year.

Source: COSCO SHIPPING Holdings Co. Ltd.

Containers on Ships and Terminals

In the first half of 2025, COSCO SHIPPING’s container throughput reached 74.3 million TEU. This represents a 6.35% increase compared to the same period last year. During this period, the throughput of terminals directly managed by COSCO SHIPPING reached nearly 16.5 million TEU, representing a 3.57% increase compared to the first half of 2024. Last year, the operator’s container throughput at terminals not controlled by COSCO amounted to over 57.8 million TEU, representing a 7.17% increase compared to the same period last year.

In 2024, COSCO SHIPPING recorded a total container supply at ports of 144 million TEU. This represented a 6.1% year-on-year increase in supply. Transshipment at terminals managed by the Chinese operator reached 45.3 million TEU, representing a 4.5% increase.

Thanks to these strong results, the COSCO Group accelerated fleet modernization. Following the recent delivery of ordered vessels, the container fleet now comprises 557 vessels with a total capacity of over 3.4 million TEU. The operator has signed new contracts for vessels with a total capacity of nearly 910,000 TEU. COSCO’s management decided to further expand the fleet, despite the fact that “in 2024, the container shipping market recorded moderate growth in cargo volume, driven by the gradual recovery of global trade.”

However, the ongoing turmoil in the Red Sea, profound changes in the structure of industry alliances, and the accelerated integration of ports, shipping, and trade have combined to create a complex and volatile market environment. In the face of these challenges, COSCO SHIPPING Holdings has actively seized market opportunities, striving to promote digital supply chain and green and low-carbon transformations, ultimately achieving impressive operational results, writes Wan Min, CEO, COSCO SHIPPING Holdings.

Building a Competitive Advantage

The strong results in 2025 are the result of COSCO’s focus on strengthening its global competitive advantage. Last year, the company “accelerated the development of an integrated and sustainable global rail-sea intermodal network and systematically optimized and modernized the fleet structure and scale,” the annual report emphasizes.

In 2024, the COSCO Group delivered 12 new vessels with a total capacity of 230,000 TEU. These included several technologically advanced container ships. Container ships with a capacity of 24,000 TEU, Panamax vessels with a capacity of 16,000 TEU, and Latamax vessels with a capacity of 14,000 TEU were put into service. Nearly 560 COSCO vessels provide connections on approximately 430 services. The Chinese shipowner’s vessels call at 629 ports in approximately 145 countries. COSCO emphasizes that “thanks to the launch and refinement of new services in emerging markets, the Group’s cargo volume has grown dynamically in Central and South America, Africa, and Southeast Asia.”

The Group has an order book of 42 new vessels with methanol-ready engines. Ships with a total capacity of 780,000 TEU have been contracted. The operator also intends to modernize a number of vessels in service. The M.V. “Cosco Shipping Yangpu” has already entered service. On July 2, the first Chinese container ship completed its maiden voyage to the port of Yangpu in Hainan Province and was successfully fueled with green methanol at the Yangpu International Container Terminal (YICT).

COSCO also announced that the “CSCL Asia” and “Xin Los Angeles” recently bunkered with green fuel. These vessels began fueling with biofuels at the ports of Xiamen and Hong Kong. The operator also introduced a new batch of containers. They are made of high-quality, eco-friendly materials and non-toxic, water-based coatings.

Cooperation at Sea and in Ports

To strengthen its position in the liner shipping market, COSCO Group and its OCEAN Alliance partners have agreed to extend their cooperation until 2032. To optimize operations, the DAY8 and DAY9 services have been introduced to the shipping market. According to COSCO management, “they ensure the stability of global supply chains through higher frequency, broader coverage, and improved service quality, and send a positive signal to the market.”

The commissioning of the CSP Chancay terminal in Peru was a significant milestone. In an August 2025 announcement, COSCO announced that “Using the Chancay hub, the Group has opened a two-way direct sea connection between Chancay and Shanghai, expanded sea connections from China to other ports in western South America, and launched three main and three feeder connections to establish a three-vertical and three-horizontal network.”

In the first half of 2025, the concept for launching high-speed container services between the CSP Chancay terminal and ports in China was finalized. The Peruvian port will introduce advanced digital tools to manage the chain between Chancay and Asian ports.

With the establishment of the Hainan Free Port, the COSCO Group leveraged the Yangpu hub to accelerate connections between Southeast Asia and Yangpu. Yangpu Port (Chinese: Yángpǔ Gǎngkǒu) is a seaport located in the Yangpu Economic Development Zone on the Yangpu Peninsula, on Hainan Island, China. The port has 25 quays and 15 shipping routes to Singapore, Vietnam, and the Middle East. It is the largest import-export port in the South China Sea.

Activity in South America, Asia, and Africa

With the establishment of the free zone, COSCO intensified direct connections between the ports of Yangpu and Abu Dhabi. Activity at the port of Piraeus also increased. COSCO expanded the port’s logistics infrastructure. Access to the port was improved by modernizing railway lines, expanding warehouses and storage facilities. The focus was on strengthening the China Europe Land Sea Express Line brand.

The Group also increased its activity in North Africa. COSCO SHIPPING Ports (a subsidiary of the Group) finalized the Ain Sokhna container terminal project in Egypt. An investment agreement was also signed for the Laem Chabang terminal. The Laem Chabang port development plan includes its expansion as part of Phase 3. This is a major project within the development of Thailand’s Eastern Economic Corridor (EEC). The goal is to increase container terminal capacity from 11 to 18 million TEU per year by 2029, reports Ayman Falak Medina from ASEAN Briefing.

A series of new quays (F1 and F2) and a pier (Pier A) will be built in Laem Chabang. The port will be managed by a single transshipment operator (SRTO). This will improve intermodal connections and comprehensively implement and utilize advanced, automated cargo management systems.

The COSCO Group is building a competitive advantage by developing land transport services on over 150,000 routes. Intermodal transport and freight forwarding have also been developed at competitive prices. Comprehensive land, intermodal, and ship transport services are offered at a single price. Comprehensive specialized logistics services for industrial clients have also been developed.

“We have adapted ‘cross-border through train’ services for clients in the electric vehicle, lithium-ion battery, and solar panel sectors, achieving seamless integration of the entire supply chain across road, rail, and sea,” COSCO announced. The Yangpu DIT (Delayed In Transit) project has been launched for clients in the chemical and household appliance industries.

The “China Railway Express Sea Rail Intermodal Transport” service was introduced for grain producers. They now have a complete freight forwarding service from fields in Central Asia to factories in Southeast Asia. The “consolidated cross-border direct service” formula streamlines transportation. This service was offered to provide logistical support to small and medium-sized businesses. COSCO consistently develops integrated logistics and builds a competitive advantage in this area.