Ningbo COSCO: In the first three quarters, it achieved revenue of 3.317 billion yuan to help the green and low-carbon transformation and development of the shipping industry

China Securities Network News (Wang Luo) Ningbo COSCO released its third quarter report for 2023 on the evening of October 26. According to the report, Ningbo COSCO achieved operating income of 3.317 billion yuan in the first three quarters of this year, and net profit attributable to shareholders of listed companies of 389 million yuan. Among them, the operating income in the third quarter of 2023 will be 1.084 billion yuan, and the net profit attributable to shareholders of listed companies will be 82 million yuan. The total assets reached 7.422 billion yuan, a year-on-year increase of 5.48%.

Public information shows that since the beginning of this year, the world economic development has restarted growth, although the growth prospects have improved, but global trade is still facing severe inflation in major economies such as Europe and the United States, high retailer commodity inventories, manufacturing capacity reduction and other problems, economic growth momentum is not as expected, as an international economic and trade "barometer" of the global shipping market has also entered the fluctuation adjustment stage, market segments are differentiated, the container freight rate level has plunged sharply, the dry bulk freight index continues to be low, but the international oil tanker transportation market is high and stable. "Industry profits have shrunk significantly compared with special periods" is a common issue faced by shipping companies this year.

As the largest container liner enterprise in Zhejiang Province, Ningbo COSCO will continue to adhere to a steady business strategy, steadily increase the scale of transportation capacity and achieve large-scale development under the downward pressure of the shipping industry cycle this year. On the other hand, Ningbo COSCO adheres to the management concept of "energy conservation and green development", steadily puts new green and intelligent ships into operation, reasonably plans the renewal of ship equipment, improves the efficiency of ship operation while reducing ship fuel consumption, and accelerates the transformation and upgrading of traditional fleets to green, low-carbon, and economically intelligent.

In the first half of this year, Ningbo COSCO added two 59,000-ton self-owned bulk carriers, with a total capacity of 1.29 million deadweight tons / 68,000 TEUs.

Since the second half of the year, Ningbo COSCO has continued to promote the scale of the fleet to a new level. On October 12 this year, the first ship of Ningbo COSCO's 3300 TEU ship "Ningyuan Ningbo" was officially delivered, which is the largest tonnage container ship of Ningbo COSCO, and the total capacity of its operating container fleet also exceeded 70,000 TEUs for the first time. According to the statistics of Alphaliner, an international authoritative research institution, as of October 26, 2023, Ningbo COSCO ranked 28th in the list of the world's top 100 container liner companies in terms of capacity.

At present, driven by a number of global decarbonization policies, the rules for reducing emissions in international shipping are becoming stricter. The United Nations Conference on Trade and Development (UNCTAD) recently released its 2023 Maritime Review, calling for a "just and equitable" transition to a decarbonised shipping industry, and highlighting the urgent need to address the ongoing carbon emissions and regulatory uncertainty of the shipping industry with clean fuels, digital solutions and a just transition.

In order to comply with the development trend of "low-carbon" in the industry and respond to the call of the national "double carbon" goal, Ningbo COSCO actively explores the synergy of ship energy saving, environmental protection and low-carbon, and makes every effort to promote the application of new technologies such as ship shore power system on newly built ships.

In addition, Ningbo COSCO is also actively practicing the exploration of new paths for green and low-carbon shipping, and its container ship "Xinmingzhou 60" completed the first domestic container ship offshore anchorage biofuel oil bunkering operation in October, the B24 biofuel oil refueled in this operation is easy to operate and use, and can reduce carbon emissions by about 20%, which will also provide replicable and promotable experience for the domestic shipping industry.

On the whole, in the first three quarters of this year, despite the common pressure of weakening transportation demand and rising capacity supply of shipping enterprises, Ningbo COSCO still made many development highlights in the promotion of production and operation, the improvement of transportation capacity scale, and the implementation of safety internal control, and under the general trend of green and low-carbon transformation of the global shipping industry, Ningbo COSCO seized the opportunity of "green + intelligent" transformation, continuously optimized the "double carbon" management model, vigorously promoted the "green" upgrade of operating ships, and helped the green and sustainable development of the global shipping industry.