Chinese shipping giant COSCO Group recently announced its 2021 financial report. Profits attributable to equity holders totaled US$14 billion, a year-on-year increase of US$12.51 billion, or nearly 800%.
During the same period, COSCO Group's earnings before interest and taxes (EBIT) amounted to $20.38 billion, while earnings per common share in 2021 were $0.88.
The asset-liability ratio was 56.76%, down 14.3 percentage points from the previous year.
In addition, as of December 31, 2021, the Chinese group operated 510 vessels and a total fleet capacity of 2.94 million TEUs through its wholly-owned subsidiary COSCO Shipping Group and its controlled subsidiary Orient Overseas International (OOIL).
"Adhering to the 'customer-centric' service philosophy, our relationship with customers is the key to our success," COSCO said in a statement.
The company does not expect any improvement in market supply and demand conditions in the first half of 2022, with the market outlook "remaining cautiously optimistic in the near term."
However, with the repeated emergence of factors such as the pandemic, global inflation, and geopolitical tensions, the long-term market trend will face uncertainty, and future trends are difficult to predict.
Major international economic organizations predict that the world economy will continue to maintain low growth in 2022.
COSCO Group announced its 2022 commitment, saying: "No matter what challenges it faces, the company will actively respond to changes in the global economy and trade, and fulfill its mission in the shipping world. We will develop green, low-carbon, and smart ships." , to contribute to fulfilling social responsibilities, protecting the environment, reducing emissions, and creating greater value for shareholders. "