05-09-2017

Qingdao port’s first half volume up 3pc to 9.1 million TEU as profits soar 32pc

Qinhuangdaoport

QINGDAO Port International's first half container throughput increased three per cent year on year to 9.1 million TEU, while overall cargo volume was up two per cent to 226.64 million tons. As a result, group net profit grew 32 per cent to CNY1.65 billion (US$251.558 million).

Segment profit increased 20 per cent year on year to CNY386 million, which was largely attributed to a rise the in share of profit from investments as the group raised its stake in Qingdao Qianwan Container Terminal as revealed in a stock market filing, reported Seatrade Maritime News.

Group revenue was up 16 per cent to CNY4.79 billion in the first six months of the year, mainly on the back of increases in turnover from the logistics and port value-added services, the metal ore, coal and other cargo handling and ancillary services, and the liquid bulk handling and ancillary services segments. 

In line with its strategy to become a hub for northeast Asia, Qingdao port launched 11 new container routes in 1H 2017 and saw transshipment volumes surge 21 per cent year on year. 

Dry bulk cargo throughput was up to 93.69 million tons. In the liquid bulk sector, throughput increased 16 per cent to 39.22 million tons, with revenue from this segment quadrupling to CNY231 million as the group benefited from increased storage revenue from the newly established crude oil tank storage in the Dongjiakou port area.

The group's logistics and ancillary services business also did well with segment profit rising 53 per cent to CNY819 million as the container freight station, agency and towing businesses did well.

Source: Schednet 

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