31-08-2017

Cosco Shipping Ports H1 profits soar 124pc to US$385m

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COSCO Shipping Ports Ltd has posted profits attributable to equity holders of US$384.7 million for the first half of 2017, up 123.7 per cent from the corresponding 2016 period, according to the company’s latest financial statements.

Formerly known as Cosco Pacific, Cosco Shipping Ports is the port terminal operator arm of China Cosco Shipping Corp Ltd, the merged shipping conglomerate formed last year from state-run firms Cosco and China Shipping.

 

Cosco Shipping Ports’ revenues for the first half of 2017 totalled $275.8 million, inching up 0.3 per cent from the same period last year.

Meanwhile, throughput at its container terminals for the first half of 2017 reached 41.8 million TEU, surging 11.8 per cent year-over-year, according to American Shipper.

“The rise in international trade, the official operation of the OCEAN Alliance and ‘THE’ Alliance in April 2017, as well as the launch of mega-vessels, all increased calls at hub ports, and enabled the group to achieve encouraging results in container terminals business,” Cosco Shipping Ports said.

The throughput of the Greater China region accounted for 78.7 per cent of the company’s total container throughput for the first half of the year, with volumes totalling 32.9 million TEU, up 6.1 per cent from the first half of 2016.

Throughput at the group’s overseas terminals, which accounted for the remaining 21.3 per cent of its total container throughput for the first half of the year, stood at 8.9 million TEU, rising 39.8 per cent from the first half of 2016, mainly due to the inclusion of the volumes at Euromax Terminal Rotterdam BV to the group since October 1, 2016.

Looking ahead, the port operator expects its acquisition of a 51 per cent stake in Noatum Port Holdings, SLU in Spain to be completed within the second half of the year.

Source: Schednet 

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