COSCO Shipping Holdings' First-Half Profit Falls 34% on Thinner Box Margins
Volumes rose 8% to 14.3 million TEU while operating profit per box fell about 30% to $139
COSCO Shipping Holdings earned substantially less in the first half of 2026 while moving substantially more cargo. Group net profit fell 34% to CNY 13.4 billion, about $2.0 billion, even as combined container volumes from COSCO Shipping Lines and OOCL rose 8% to 14.3 million TEU, from 13.28 million a year earlier.
The volume growth was broad. Europe to Far East traffic climbed 12% to 2.19 million TEU and Transpacific volumes advanced 10% to 2.63 million TEU. Intra-Asia remained the largest lane, up 5% to 4.74 million TEU, while China domestic rose 10% to 3.15 million TEU. Other routes were close to flat at 1.58 million TEU.
Revenue barely followed. Consolidated container shipping revenue rose 2.4% in yuan terms to CNY 107.3 billion, roughly $15.8 billion, against volume growth of 8%. Operating profit fell 28%, and the operating margin narrowed to 12.5% from 17.9% a year earlier.
The per-box numbers are where the pressure is visible. Operating profit per TEU contracted about 30% to $139, from $197. Average revenue per TEU across the two carriers rose 2% to $1,005, which means the erosion is on the cost side of the box rather than on the freight rate alone: longer routings, port waiting time and higher bunker prices all land in the same line.
Route-level revenue diverged sharply. Europe to Far East revenue per TEU slipped 4% to $1,344 and Transpacific fell 6% to $1,549, the two headhaul trades that carry the group's fixed costs. Intra-Asia went the other way with a 7% gain to $883, and China domestic edged up 1% to $316. The largest move came from other trades, where revenue per TEU surged 21% to $1,373.
Stripped of OOCL, COSCO Shipping Lines moved 10.15 million TEU in the half, up 8% from 9.35 million and about 71% of consolidated volume. Its average revenue per TEU dipped 2% to $965, slightly below the combined figure, which is the usual shape when the higher-yielding brand carries the smaller share.
The contrast with the group's port arm is instructive. COSCO Shipping Ports reported first-half revenue up 12.3% and attributable profit up 28.5% over the same period, handling 80.16 million TEU across its network. Terminals are earning on the congestion that is costing the liner business its margin, which is a large part of why every major carrier is buying berths.
This story is part of the Maritime Briefing of 10 September 2026.
