China's largest container shipping company experienced significant increases in revenue and profits in 2024, according to Cosco Shipping Holdings. Their operating revenue rose by 33.29% from the previous year to reach $33.29 billion. The company's earnings before interest and taxes (EBIT) also saw a substantial increase of 90.74% to $9.79 billion. Net profit surged by 95% to $7.75 billion, while net profit attributable to shareholders jumped by 105.78% compared to the previous year.

The impressive financial performance of major shipping lines in 2024 was fueled by strong consumer demand in the United States and the Red Sea crisis, which prompted carriers to reroute vessels to longer and more expensive routes, helping to balance capacity and drive up rates.

However, Cosco faces challenges in the U.S. due to trade tariffs and potential port fees on Chinese ships, which could significantly raise operational costs. The company is a member of the Ocean Alliance along with Orient Overseas Container Line from Hong Kong, CMA CGM from France, and Taiwan's Evergreen Marine.

For more articles by Stuart Chirls, visit FreightWaves for further information on topics such as Trans-Pacific container rates, Hapag-Lloyd's earnings, container volumes at the Port of Los Angeles, and the supply chain and trade challenges faced by chassis manufacturers.