Megaships Drive Cosco Shipping Ports Volumes up 12%

The rise in international trade, the inauguration of the Ocean Alliance and THE Alliance, and the launch of mega-vessels increased calls at hub ports, and resulted in good performance at Cosco Shipping Ports (CSP).

News ID: 75976

Date: 30 August 2017 - 09:02

CSP reported a total throughput rise 12% to 41.8m teu in the first half of 2017, from 37.4m teu previously, MANA correspondent reported.

Of this about one fifth or 8m teu was handled by the group's units with the remaining 81% or 33.7m teu handled by the group’s non-controlling terminals.

Total equity throughput, especially among the group's overseas operations rose 9% to 14.1m teu of which 36% or 5.1m teu was handled by the group’s subsidiaries, and the remaining 64% or 9m teu by non-controlling terminals.

Revenue however was flat at $275.8m, while net profit also was slightly lacklustre, rising just 7% to $86m without exceptionals.

The overseas terminals in particular are continuing to do well for CSP, with total throughput up 40% to 8.9m teu during the first half and accounting for 21% of the group’s total. One recent acquisition alone, Rotterdam's Euromax Terminal Rotterdam accounted for a huge 1.3m teu chunk of this in period.

CSP has a stated objective of further extending its s overseas reach, broadening its terminal network in the Mediterranean and Europe, which will help it to establish a global strategic focal point and build a better and well-rounded terminal network to serve shipping alliances with better and extended services, and hub ports with sufficient servicing capability for mega-vessels.

In this regard, it sees good support from Cosco Shipping and the Ocean Alliance to which it belongs. "It is believed that as the Ocean Alliance enters into its full operation, it will continue to drive the group’s business growth," CSP concluded.