Cosco Shipping Ports Revenues Boosted By 8%

cosco shipping

Chinese ports operator COSCO Shipping Ports has revealed ‘satisfactory growth’ on the back of greater profits at Qingdao for the nine months and quarter ended in September, 2017.

Cosco Shipping Ports’ total container throughput for the nine months grew 13.5% to around 64 million TEU over the same period in 2016.

Driven by the growth of international trade and the support of shipping alliances and shipping fleets of its parent company, COSCO Group, the Cosco Shipping Ports' total throughput recorded satisfactory growth, it said.

Revenue for Cosco Shipping Ports increased by 8.0% to US$155 million in the nine months, year-on-year.

Profits from associates surged 92.0% or around $44 million in the nine month period thanks to profit from Qingdao Port International (QPI) Company.

Cosco Shipping Ports has a strategic Investment in QPI, a terminal operator at the world’s 8th busiest port in Qingdao, China.

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During the period, the Group completed the disposal of equity interests in Qingdao Qianwan Container Terminal Company, Ltd, a joint venture at the port.

One standout region for throughput among COSCO’s China assets was Pearl River Delta region with 7 million TEU.

The overseas terminals total accounted for 20.3% of the Group’s total of the nine months. The throughput of Piraeus Container Terminal in Greece dropped marginally at 0.6% to 951,359 TEU.

Throughput of its Kumport Terminal in Turkey increased by 124.5%, mainly resulted from the increased calls from the shipping alliances.

Throughpout at its Euromax Terminal in Rotterdam began to contribute to the Group’s throughput from October 1, 2016.