By Yi Wei Wong

COSCO Shipping Holdings Co. reported that its net profit rose sharply in 2021, helped by hitting record high shipping volumes and strong revenue from its container shipping business.

The Chinese shipping company reported on Thursday that 2021 net profit surged to 89.30 billion yuan ($14.07 billion), compared to CNY9.93 billion last year.

Revenue rose to CNY333.69 billion in 2021, compared to CNY171.26 billion in 2020.

Revenue from its container shipping business gained to CNY327.93 billion from CNY166.01 billion in 2020, the company said.

In 2022, COSCO Shipping expects the demand outlook for its container shipping business to remain bright, although ongoing port congestion issues and recurring Covid-19 infections could pose uncertainties for the market.


Write to Yi Wei Wong at yiwei.wong@wsj.com


(END) Dow Jones Newswires

03-30-22 2012ET