2023-07-04 11:36By： Xinde Marine News Lydia Miao

COSCO Shipping has released its 2023 first-half financial forecast on July 3, saying the Company's EBIT for the first half of 2023 was approximately RMB24,690 million, representing a decrease of approximately 74.10% YoY. The net profit was approximately RMB19,660 million, representing a decrease of approximately 74.40% YoY.
 
Among them, the net profit attributable to shareholders of the listed company for the first half of the year was approximately RMB16,551 million, representing a decrease of approximately 74.47% YoY. The net profit, excluding non-recurring profit or loss, was approximately RMB16,500 million, down approximately 74.42% YoY.
 
The year-ago figures are restated data.
 
According to the report, the sharp decrease was due to the change in supply and demand in the container shipping industry in the first half of the year, with the average index of China Export Container Freight Index (CCFI) decreasing by 69.31% YoY.
 
However, from QoQ data, the company's net profit attributable to shareholders of the listed company in the second quarter increased by 32.21%, indicating that COSCO Shipping's steady progress and continuous optimization of its financial structure, which have enabled the company to show stronger resilience in its overall operation facing the complicated market changes.