COSCO and ONE 1Q 2024 results
As expected, liners' earnings turnaround in 1Q 2024 on higher freight rates as a result of re-routing to CoGH. COSCO reported after Monday (29 Apr) close and ONE via Mitsui OSK reported during lunch break on Tuesday (30 Apr). The other common patterns as read through for the other liner results to come are (1) top line tracked below CCFI; (2) low teen growth in volume; (3) net interest income leads to higher net profit than EBIT; and (4) earnings are still at very high level in context of the