Cosco Shipping Shares Rise After Buyback Plan

Dow Jones10-21

By Tracy Qu

Shares in Cosco Shipping Holdings jumped after the Chinese container-shipping giant announced a new buyback plan.

The stock rose as much as 5.5% in Shanghai before paring gains to trade 3.2% higher by midday Monday, outperforming the Shanghai Composite Index's 0.8% increase.

Cosco Shipping said Sunday that it plans to buy back up to 2 billion yuan of A shares, equivalent to $281.6 million. The company will repurchase 50 million to 100 million A shares, equivalent to about 0.3% to 0.6% of its share capital as of Sept. 30, it said.

The company said it also plans to repurchase H shares but didn't disclose further details.

Earlier this month, the state-owned enterprise said it expected its third-quarter net profit to reach 21.25 billion yuan, nearly quadrupling from a year ago.

Cosco attributed the strong expected earnings to higher volume and pricing in its container-shipping business. However, shipping rates are widely expected to fall in 2025.

Citi, in a recent research note, said that slower demand and increasing supply on key East-West lanes since July will contribute to the decline in shipping rates.

Write to Tracy Qu at tracy.qu@wsj.com

(END) Dow Jones Newswires

October 21, 2024 00:34 ET (04:34 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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