Chinese shipping group COSCO recorded net profits from container shipping activities of USD 20.3 bn for 2022，with junior partner OOCL generating nearly half of that figure, reports Xinde Marine News.
At group level, revenues rose from USD 50.8 bn to USD 57.1 bn in 2022, while operating profits (EBIT) rose 23% to USD 24.5 bn. Net profits were up 23%.
But it was the contribution of subsidiary OOCL which made the biggest mark during the year: despite its much smaller size the Hong Kong based line contributed 49% of the group’s shipping net profits.
OOCL helps COSCO
OOCL operated an average fleet of 747,000 teu in 2022 compared to COSCO Shipping Line’s 2159.000teu.
Stripped out of COSCO, OOCL would have posted the highest operating margin of the major carriers in the last quarter of 2022, at 49.5%.
COSCO Group continues to maintain its dual-brand strategy adopted since the 2018 the2018 purchase of OOCL, though the carriers say cooperation between the two lines is bringing significant cost savings and efficiencies.
OOCL carried 30% of the group’s total liftings, but maintained average earnings per teu of USD 2,620 for the year, and USD 1.822 in the final quarter.
The COSCO board has recommended a final cash dividend of RMB 1.39 for 2022. Together with interim dividends, it brings the total distribution to RMB 54.7 bn or approximately 50% of net profits.
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Source: Xinde Marine News
