(Yicai Global) July 8 -- Shares of Cosco Shipping Holdings came off a more than decade high after second-quarter profit growth braked at the world’s third-largest container line.

Cosco Shipping [SHA:601919] ended 4.8 percent lower today at CNY31.03 (USD4.79), down from yesterday’s close of CNY32.60, a level not seen since 2008. The broader Shanghai market lost 0.8 percent.

Net profit likely rose about 2,450 percent to CN21.6 billion (USD3.3 billion) in the three months ended June 30, Yicai Global calculated based on the first-half earnings expectations the Beijing-based firm announced yesterday. That compared with a 5,200 percent increase in the first quarter.

Earnings could reach CNY37.1 billion (USD5.7 billion) in the first half this year, up about 3,160 percent from CNY1.1 billion (USD169.78 million) a year earlier, Cosco Shipping said, because of higher shipping rates.

Due to the coronavirus pandemic, China’s export shipping prices soared, the company said, noting that the average China Containerized Freight Index was 2,066.64 points in the first half of this year, versus 883.70 in the first half of last year and 1073.91 in the second half of 2020.

During the pandemic, it made great efforts to guarantee global transportation services by increasing the shipping capacity and ensuring container delivery, so as to achieve growth in both quantity and price.

Editor: Futura Costaglione