Cosco Shipping Holdings Shares Drop After Weak Estimate

Dow Jones01-10

By Jiahui Huang

Cosco Shipping Holdings shares slumped after the company guided for sharply lower 2023 earnings, citing a challenging year for the container- shipping industry.

The stock was 5.0% lower at 7.62 Hong Kong dollars (US$0.97) by midday Wednesday, on track for its largest one-day percentage drop since November.

The Chinese container-shipping company said Tuesday that net profit for 2023 likely fell 78% to 23.86 billion yuan (US$3.33 billion).

The company said the expected earnings decline was due to weakening transportation demand, lower freight rates, increased supply of shipping capacity, and geopolitical tensions. The company said freight rates fell 66% in 2023, citing the China Containerized Freight Index.

Cosco Shipping reported a restated net profit of CNY109.70 billion for 2022.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

January 09, 2024 23:51 ET (04:51 GMT)

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