COSCO’s Revenue Booms Despite Trade War

COSCO SHIPPING Ports (CSP), the biggest terminal operator in the world, saw its revenue increase to US$517.9 million in the first half of 2019, an increase of 4.5%.

In a statement, the total throughput was 59,764,100 TEU, a +5.4% increase on the same period in 2018. CSP also recorded a total throughput from subsidiaries of 12,445,333 TEU (+14.6%).

CSP enjoyed growth across all its regions. Greater China, for instance, increased by 3.3% to 46,015,330 TEU (1H2018: 44,558,562 TEU), and accounted for 77.0% of the Group’s total.

As well as that, the throughput of Mainland China (excluding Hong Kong and Taiwan) increased by 3.7% to 43,675,110 TEU (1H2018: 42,097,856 TEU) accounting for 73.1% of the Group’s total.

The Bohai Rim region increased by 3.3% to 19,298,356 TEU (1H2018: 18,677,784 TEU), of the Southeast Coast region increased by 2.8% to 2,890,372 TEU (1H2018: 2,812,495 TEU), of the Southwest Coast region increased by 12.6% to 724,795 TEU (1H2018: 643,599 TEU).

CSP’s overseas terminals also performed well as it grew by 13.2% to 13,748,770 TEU (1H2018: 12,150,188 TEU) and accounted for 23.0% of the Group’s total.

CSP said in a statement, “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.

“Given the uncertainties of macro-economy, it is difficult to forecast the outlook of global throughput growth. COSCO SHIPPING Ports is cautiously optimistic for the whole year. We expected that the equity throughput for 2019 would record high single-digit growth.

“Meanwhile, COSCO SHIPPING Ports will continue to step up the development of its terminal extended business.