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Chinese shipping profits surge across industry on capacity squeeze

COSCO, Sinotrans and port operators ride high while airlines left behind

COSCO Shipping Holdings saw its profits soar by a factor of 32 in the first half of 2021 to 37.09 billion yuan.   © Reuters

HONG KONG -- Major Chinese and Hong Kong shipping groups logged record revenue and profit growth in the first half of the year, as tight capacity and a shortage of containers in key markets intersected with a disruption of operations at a number of major ports.

State-owned COSCO Shipping Holdings, the world's third-largest maritime carrier by capacity, said first-half revenue grew 88% on year to 139.26 billion yuan ($21.5 billion) while net profits soared by a factor of 32 to reach 37.09 billion yuan.

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