Thanks to an improved container shipping market, Cosco Shipping Holdings has reversed its loss-making position a year ago, to post a profit for the first quarter of 2017. The company's net profit was recorded at RMB270.14 million ($39.17 million), against the loss of RMB4.46 billion in the same period in 2016.
The group saw a first quarter revenue of RMB20.1 billion, an increase of 48.1 percent compared to the previous corresponding period, due mainly to higher container shipping volume. In the first three months of 2017, Cosco Shipping Holdings’ container shipping business reached 4.65 million TEU, up 53.9 percent year-on-year. The company's terminal business saw total throughput during the first quarter reach 23.91 million TEU, an increase of 7.5 percent year-on-year.
As of March 31st, 2017, Cosco Shipping Holdings operated a fleet of 327 containerships with a total capacity of approximately 1.7 million TEU. The group currently has 33 orders for container vessels, representing a total capacity of 542,776 TEU.