China-based shipping and logistics company COSCO SHIPPING Ports Limited, just released the interim results of the Company and its subsidiaries for this year's 6 months, ended 30 June 2024.

According to the report, the total throughput increased 8.2% year over year (YoY) to 69,858,501 twenty-foot equivalent units (TEU). Both equity and revenue throughput also increased equity by 6.3% YoY and revenue by 3.0% YoY to $709,811,000. Gross profit increased by 2.5% YoY to $198,636,000. 

Profit attributable to equity holders of the Company decreased by 7.4% YoY to $139,215,000. 

The global port industry suffered various challenges in the first half of 2024 including fluctuations in cargo throughput, changes in market demand and the red sea incident. 

During this period, total throughput of Chinese terminals increased 9.5% YoY to 53,335,822 TEU, accounting for 76.3% of the Group's total output. Total equity of terminals also increased a little over 9% to 15,844,755 TEU. 

The company also saw an increase in terminals in Bohai Rim, Yagtze River Delta, Pearl River Delta, the SouthWest Coast, and overseas. 

The report states that "the continued effects of macroeconomic policies, the rebound in foreign demand and the new quality productive forces contributed positively to the sustained upturn of China’s economy," a World Trade Organization report also forecasts that global trade goods will grow by 2.6% in 2024, and will continue this year’s recovery with an estimated 3.3% growth in 2025.