Container shipping has entered its low season in the fourth quarter but analysts forecast seasonal coal and grain trade should help to keep China COSCO steaming ahead.
As operator of the world's largest bulk shipping fleet and No.5 container shipping firm, China COSCO shrugged off its worst losses in 2009, when the global shipping industry suffered a heavy blow from the global financial crisis.
China COSCO's container shipping revenue rose 85 percent to 11.55 billion yuan ($1.73 billion) in the third quarter on higher volume and freight rates.
But bulk cargo shipping volume was down 6 percent during the reported period.
The company reported a third-quarter net profit of 2.11 billion yuan, versus a restated loss of 710.42 million yuan in the same quarter in 2009, when the shipping industry suffered during the global financial crisis.
The result lagged a forecast for a profit of 2.27 billion yuan, according to the average of three analysts polled by Reuters.
A recovery in global trade also lifted profits in the company's ports and container leasing arm COSCO Pacific
Container ship operators raised freight rates during the reporting period despite a supply glut as they successfully managed capacity by slow steaming, scrapping and cancellation.
Singaporean peer Neptune Orient Lines reported forecast beating quarterly results earlier this month. (Reuters)
