Cosco Shipping Ports Net Profit Soars by 70.1% for H1 2018
Cosco Shipping Ports (CSP), one of the world’s largest container terminal operators, said despite the the US-China trade war, as it posted a 70.1 percent jump in adjusted profit for the first six months ended 30 June 2018.
"2018 is a year full of challenges. Sino-US trade frictions, the rise of trade protectionism, geopolitical uncertainties and the upward trend of interest rates have the potential to place serious pressure on the development of global trade. Despite all these uncertainties, the growth momentum of global economy in 2017 continued in the first half of 2018," said a statement from CSP.
Driven by sustained economic growth, increase in trade volume and increased calls from the OCEAN Alliance, fueled by its acquisitions and least impact by the Sino-US trade frictions, the Group has delivered strong results for the six months ended 30 June 2018 and total throughput increased by 26.5% to 56.7 million TEU. Throughput of QPI has been included since May 2017; excluding QPI, throughput increased by 13.3% to 47.3 million TEU on a comparable basis.
Nantong Tonghai Terminal officially commenced operation on 30 June 2018. The terminal has three container berths and one bulk berth.
Currently, the Group is diversifying its business to terminal extended supply chain services to further enhance its profitability. The 5,412 mu of land outside Nantong Tonghai Terminal, which was granted by the Nantong Municipal government, enables the Group to develop container freight station and logistic park, a new model of integrated development and operation of terminal parks.
Fueled by increased calls by the OCEAN Alliance and shipping alliances, overseas terminals portfolio delivered strong growth with total throughput increased by 36.8% to 12.1 million TEU for the six months ended 30 June 2018 and accounted for 21.5% of the Group’s total.
In May 2018, the Group strategically allied with Port of Zeebrugge, the Port authority of Zeebrugge which will acquire 5% equity interests in CSP Zeebrugge Terminal, and plan not only to develop the terminal into a strategic hub port but also an ultra-logistics platform to serve continental Europe and the British Isles.