In 2024, the company achieved revenue of 177.664 billion yuan, a year-on-year increase of 39.01%; net income attributable to shareholders was 2.972 billion yuan, a year-on-year increase of 605.60%; the chairman of the company, Mai Boliang, stated that the FPSO order volume will further increase this year, and future orders will focus on enhancing order value. Container demand is also expected to be supported.
According to the financial news on March 28, reporter Hu Haoqiong, container production has reached a record high, China International Marine Containers (000039.SZ) net income attributable to shareholders increased sixfold, and the Offshore Equipment sector turned a profit for the first time.
The current Offshore market is in a prosperous range. The Offshore Equipment industry where China International Marine Containers operates does not experience 'involution,' and the demand for large FPSO (Floating Production Storage and Offloading unit) for deep-sea large oil field extraction is very stable, with order prices having risen from 2.8 billion dollars per unit three years ago to 4.2 billion dollars per unit now. This was stated by Mai Boliang, chairman of China International Marine Containers, at today’s performance briefing.
The 2025 government work report mentioned the promotion of the safe and healthy development of XINXINGCHANYE such as commercial space, low-altitude economy, and deep-sea technology. Among them, 'deep-sea technology' has been listed for the first time as a key direction for a strategic emerging industry. China International Marine Containers is a company closely related to deep-sea technology. Its constructed 'Blue Whale' series ultra-deepwater dual-drill semi-submersible drilling platform is one of the representative products of 'deep-sea technology.'
The production cycle of these products requires at least three years and demands high comprehensive management capabilities for the entire complex project. Based on our capabilities, we are currently pursuing 'quality orders,' which means enhancing order value. Rather than prioritizing scale, profitability is placed before scale.
As of the end of 2024, China International Marine Containers has accumulated a hand-held order value of 6.92 billion dollars. According to Mai Boliang, the company's first largest FPSO, the P80, is about to be delivered, and this year’s FPSO order volume will also further increase.
In terms of container manufacturing, data released by the China Container Industry Association shows that container production in China reached 8.1 million TEU in 2024, setting a new historical high, while the production in 2023 was only 2.2 million TEU. Among them, dry cargo containers account for approximately 91.3%.
The demand for containers in 2024 exceeded the normal year's demand, mainly due to the drought in the Panama Canal, combined with the blockage of Suez Canal routes amid Red Sea incidents, causing detours that significantly reduced container operation efficiency and drove strong growth in container demand. Mai Boliang predicts that the Red Sea crisis will be challenging to resolve in the short term, and the diversion of shipping routes will continue for a while, supporting container demand.
It is worth noting that, in Mai Boliang's view, there are still many uncertainties regarding the international trade tariff policies, but he does not believe that the relevant tariff policies will have a huge impact on containers.
According to China International Marine Containers' Earnings Reports, in 2024, the company achieved revenue of 177.664 billion yuan, a year-on-year increase of 39.01%; the net income attributable to the parent company was 2.972 billion yuan, a year-on-year increase of 605.60%.
Among them, the revenue from the container manufacturing business was 62.205 billion yuan, a year-on-year increase of 105.89%; net profit was 4.088 billion yuan, a year-on-year increase of 127.84%; the cumulative sales of dry cargo containers reached 3.4336 million TEU, a year-on-year increase of approximately 417.03%. The ocean construction business achieved revenue of 16.556 billion yuan, a year-on-year increase of 58.41%; net profit was 0.224 billion yuan, turning a profit for the first time.
