COSCO reported full set of interim results in Asian evening of 29th Aug. Since
bottom line has already been given in the alert published on 3rd July, the new
news were in the top line and the costs, which give some clues as to how Cosco
outperformed the industry in EBIT margin development in this down cycle: Cosco’s
2Q EBIT margin was 25% against the average of the next 8 carriers which stands
at just 6.7%.
Cosco’s 2Q revenue (-61% YoY) has dropped more than the average among the major
liners.