COSCO Shipping Ports (CSP),
the biggest terminal operator in the world by market share, suffered a
drop in gross profits of 7.1 per cent to US$272.7 million in 2019
despite seeing throughput increase across its portfolio.
Revenue rose by 2.7 per cent to $1.03
billion compared to the previous year with total box throughput
increasing 5.5 per cent to 123.78 million TEU.
Throughput in its terminals in Greater China increased by 3.4 per cent
to 95.79 million TEU and accounted for 77 per cent of its overall
traffic.
Within Greater China, CSP's best performing region was 'Southwest
Coast', where the throughput increased by 19.5 per cent to 1.64 million
TEU.
CSP's overseas terminals handled a total of 28 million TEU in 2019, an
increase of 13 per cent, mainly due to increased calls from the Ocean
Alliance and The Alliance.
Its operations at the Port of Piraeus, Greece, was its best performing
overseas terminal, with a throughput increase of 17 per cent to 5.16
million TEU.
In its annual financial report, the terminal operator said: "In spite of
uncertainties cast over the global trade, Cosco Shipping Ports
continued to implement strategy effectively by leveraging on the
synergistic advantages in 2019. Backed by the increased calls from the
shipping alliances at the Group's container terminals and the
contributions from newly acquired terminals, total throughput of the
Group grew steady."
Looking ahead, CSP said the next 12 months were full of "challenges and
opportunities", in particular the coronavirus pandemic, which is
expected to hit global economy. The pandemic has caused uncertainty and
congestion around the world, in particular China. However, it insisted
it is well prepared to manage the crisis and that in China at least it
has been contained.
"Factories have started to resume operation since late February. The
Group is well prepared to grasp the opportunities arising from the
pent-up demand as a result of the global restocking."
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