Cosco's 2020 net profit up 47pc with strong demand and high rates CHINA's Cosco Shipping Holdings, parent company of Cosco Shipping and Hong Kong's OOCL, capitalised on strong demand and high rate levels through much of the second half of last year resulting in a significant improvement in profitability in 2020. Dual-listed in Shanghai and Hong Kong, the mainland state-owned group reported a 13.3 per cent increase in revenue to US$26.2 billion, a 15.5 per cent gain in operating profit to $2.1 billion, and a 47 per cent increase in net profit to $1.5 billion, joining competitors such as Maersk in posting highly profitable 2020 results. The company attributed the improved performance to higher rates that increased revenue, the deployment of additional capacity, and the securing of container equipment. Cosco did not provide a breakdown of the results of its carrier subsidiaries, but OOCL in an operational update released in January reported full-year volume of 7.4 million TEU in 2020, an increase of 7.3 per cent year over year, with revenue up 18.9 per cent at $6.2 billion. About 95 per cent of Cosco Shipping Holdings' activity is in container shipping and terminals, with its business split approximately 20 per cent domestic Chinese shipments and 80 per cent international. Also cashing in on the profitable 2020 container shipping environment were Japan's top three shipping lines - NYK Line, Mitsui OSK Lines (MOL), and _广东路坦国际物流

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Cosco's 2020 net profit up 47pc with strong demand and high rates CHINA's Cosco Shipping Holdings, parent company of Cosco Shipping and Hong Kong's OOCL, capitalised on strong demand and high rate levels through much of the second half of last year resulting in a significant improvement in profitability in 2020. Dual-listed in Shanghai and Hong Kong, the mainland state-owned group reported a 13.3 per cent increase in revenue to US$26.2 billion, a 15.5 per cent gain in operating profit to $2.1 billion, and a 47 per cent increase in net profit to $1.5 billion, joining competitors such as Maersk in posting highly profitable 2020 results. The company attributed the improved performance to higher rates that increased revenue, the deployment of additional capacity, and the securing of container equipment. Cosco did not provide a breakdown of the results of its carrier subsidiaries, but OOCL in an operational update released in January reported full-year volume of 7.4 million TEU in 2020, an increase of 7.3 per cent year over year, with revenue up 18.9 per cent at $6.2 billion. About 95 per cent of Cosco Shipping Holdings' activity is in container shipping and terminals, with its business split approximately 20 per cent domestic Chinese shipments and 80 per cent international. Also cashing in on the profitable 2020 container shipping environment were Japan's top three shipping lines - NYK Line, Mitsui OSK Lines (MOL), and

WASHINGTON and Beijing are hammering out the details of the first high-level meeting between the rival powers since President Joe Biden took office, reports London's Financial Times.

The terms of the high-level engagement are still being negotiated but if successful could lead to Secretary of State Antony Blinken and National Security Adviser Jake Sullivan, meeting Chinese officials, say four sources.

One option would involve Mr Blinken and Mr Sullivan talking to Chinese Foreign Minister Wang Yi and Yang Jiechi, the top Chinese foreign policy official, in Alaska, according to two of the sources.

If they meet, it would be the first time a US national security adviser and secretary of state met jointly with Chinese officials.

Time：2021/3/11 21:01:15