COSCO Shipping Ports’ Container Volumes Keep Rising
- Business & Finance
Despite the ongoing trade war between China and the US, Hong Kong-based port operator COSCO Shipping Ports ended the first six months of this year with a total throughput rise of 5.4 percent year on year (yoy).
The total container throughput increased to 59.8 million TEUs in H1 2019 from 56.7 million TEUs recorded in H1 2018.
As explained, the growth was backed by the increased calls from the shipping alliances at the group’s container terminals and the contributions from newly acquired terminals.
In particular, the total throughput from terminal companies in which the group has controlling stake increased by 14.6 percent to 12.4 million TEUs, accounting for 20.8 percent of the group’s total, and the total throughput from non-controlling terminals rose by 3.2 percent to 47.3 million TEUs, accounting for 79.2 percent of the group’s total.
Moreover, COSCO Shipping Ports saw a 4.5 percent increase in its revenue. The group reported a revenue of USD 517.9 million in H1 2019, against USD 495.5 million posted in the corresponding period a year earlier.
What is more, total comprehensive income for the period surged to USD 162.5 million in H1 2019 from USD 94.9 million seen in H1 2018.
Looking ahead, despite the fact that challenges do remain in the second half of 2019 with various uncertainties, global economic growth is supported to an extent by the market expectation that the low-interest rate policy will be sustained, according to the group.
COSCO Shipping Ports said it would continue to leverage on the synergies with the Ocean Alliance and its parent company, seize opportunities to cooperate with major shipping companies and ports companies to keep boosting throughput.
Given the macroeconomic uncertainties, the group said it is “cautiously optimistic” for the whole year, expecting the high single-digit growth in equity throughput for 2019.
Additionally, COSCO Shipping Ports said it would remain committed to building its global terminal network and searching for opportunities to acquire overseas terminals.
Finally, the group intends to step up the development of its terminal extended business to other terminals in an effort to further improve profitability.