China-based Cosco Shipping anticipates its earnings before interest and taxes (EBIT) to almost double in the first half of 2022, benefitting from increased freight rates.

In its half-year results projection, the firm estimated its EBIT to be around $14.11bn (RMB95.245bn), a surge of 92.08%, or around $6.76bn (RMB45.658bn), compared to the previous year.

Net profit attributable to equity holders is projected to jump 74.45%, or around $4.09bn (RMB27.618bn), to nearly $9.59bn (RMB64.716bn).

The firm’s net profit after nonrecurring gain and loss attributable to equity holders is anticipated to be around $9.55bn (RMB64.436bn) in the first half of 2022, up around $4.06bn (RMB27.416bn), or 74.06%, from a year ago.

The supply and demand for international container transportation services were comparatively stiff in the first half of the year, while the export freight rates of main routes stood high, stated the Chinese firm.

The average value of the China Container Freight Index (CCFI) was 3,286.03 points during the reporting period, a 59% increase from a year earlier.

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As a result of the Covid-19 pandemic, the global supply chain was slow during the reporting period, the company said.

Cosco Shipping stated that it offered alternative solutions, including ‘water-to-water’ transit and ‘water-rail’ intermodal transport to meet market demand for containers.

Furthermore, the firm deployed technological innovation and digitalisation in the supply chain system to maintain the stability of its global supply chains.