COSCO Shipping Ports marks 11.8% throughput growth

In its 2017 Interim Results, which were calculated for the first six months of the year up to June 30, the company said Chinese throughput accounted for 78.7% of the figure.

While the operator also saw a modest revenue increase of 0.3% to $275.8m in the same period, its net profit increased by 123.7% to $384.7m.

The results come following the company’s move to become a major stakeholder of Qingdao Port International before the opening of its new automated terminal in May 2017.

However, the operator also dropped its equity interests in Qingdao Qianwan Terminal at the same port, having been an investor with a hand in reforming the terminal since at least 2003.

In the results, COSCO Shipping Ports’ overseas terminals’ total throughput also increased by 39.8% to about 8m teu, or 21.3% of the total.

The company is also expected to complete an acquisition of a 51% share in Noatum Port Holdings in Spain in the second half of 2017, something which the company says will permit it “to serve shipping alliances with better and extended services, and hub ports with sufficient servicing capability for mega-vessels”.

Commenting on the results, COSCO Shipping Ports said: “The Group is working towards building a platform with mutual complementarity to maximise values for various parties, and providing shipping alliances and clients with high quality and comprehensive services.

“COSCO Shipping Ports will continue to implement the three strategies adopted to strengthen its leading position in the Greater China region, extend its global footprint and market share, optimise its terminal portfolio and operational efficiency, and enhance its overall profitability, progressing towards its five-year plan and creating long-term values for its shareholders.”