COSCO provided full 1Q results after market on Friday (28 April) in addition to
the EBIT, Net Profit figures already provided in an alert on 4 April. In the new
disclosure, operating expenses in A-share accounting fell by 41% YoY while the
volume fell by only 12% YoY. In our estimate, COSCO slot costs (annualised
opex/capacity) fell 47% YoY in 1Q23. We will compare COSCO’s OPEX with the
industry peers when more peers’ figures are available.