Tuesday , 16 October 2018
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COSCO Pacific announces 10% increase in terminals’ throughput

Throughput at the terminals of Chinese terminal operator COSCO Pacific have increased by 10% to 67m teu.

Profit at the container terminal side of COSCO Pacific’s business grew by 18% to US$221m. This was described by the company in a statement as “satisfactory growth”.

This profit growth was attributed by the company to the improving operations of the Xiamen Ocean Gate Terminal, and stable growth at Guangzhou South China Oceangate Terminal and Athens’s Piraeus Terminal

COSCO Pacific is owned by China Ocean Shipping Company (COSCO) and operates container terminals, as well as manufacturing and leasing containers. It is listed on the Hong Kong Stock Exchange.

Industry analyst Drewry, estimated in September 2014, that COSCO Pacific is the world’s fourth biggest terminal operator, accounting for 9.3% of the world’s total throughput, up 0.3% year-on-year.

Terminals in mainland China, (not Hong Kong or Taiwan) improved their throughputs by a combined 7%, accounting for 80% of the company’s total throughput.

Throughput for terminals in the Bohai Rim region, of Northern China, were up 7%. The biggest of these is Qingdao Qianwan Terminal, which handled 16m teu, an 8% increase on 2013.

Those in the Yangtze River region, of Eastern China, were up 4%. Shanghai Pudong Terminal’s was up 6% to 2.4m teu and Ningbo Yuan Dong Terminal’s was up by 15% to 3.2m teu.

As for the Pearl River Delta, Southern China, throughput was up by 13%. Yantian Terminal’s was up 8% to 12m teu, which the company attributed to increased transhipments and exports to the USA, as well as a rise in the volume of empty containers.

Guangzhou South China Ocean gate Terminal grew by 4% to an annual throughput of 4.6m teu. The company also purchased a 40% stake in Hong Kong’s Asia Container Terminal for US$212m in March 2014.

On the Southeast Coast, Xiamen Ocean Gate Terminal increased its throughput by 32% to 0.8m teu. The company said the terminal was still in its ramp-up period. Nearby, Quanzhou Pacific Terminal increased its throughput by 6% to 1.1m teu.

For the Group’s overseas terminals, Piraeus in Greece; the Suez Canal Container Terminal (SCCT) in Egypt, Antwerp Terminal in Belgium and COSCO-PSA Terminal in Singapore, throughput was up 17%.

Piraeus Terminal increased its throughput by 19% to 3.0m teu. The company said this was because it had improved its customer mix and pointed out that the terminal has launched a sea-rail intermodal transport service, designed to expand its hinterland.

SCCT increased its throughput by 9% to 3.4m teu and Antwerp Terminal’s was up by 26% to 1.7m teu. The company said this was because the Belgian terminal had effectively absorbed the increasing volumes of cargoes to Antwerp Port, which are diverted from ports nearby.

The COSCO-PSA Terminal, which is 51% owned by PSA International and 49% owned by Cosco Pacific, increased its throughput by 25% to 1.3m teu.