COSCO Shipping Holdings estimates that it suffered significant decreases in profit in the first half of 2023, compared with the same period last year.
According to the Japan International Freight Forwarders Association (JIFFA), it is expected that the company’s Earnings Before Interest and Taxes (EBIT) plunged 74.1% year-on-year to US$3.4 billion and net profit declined by 74.4% to US$2.7 billion.
Additionally, in the second quarter of the year, it is estimated that COSCO’s EBIT reached US$1.9 billion, down 74.5% and net profit dropped by 74.9% to US$1.5 billion.
