COSCO Shipping Ports’ volumes up but profits slip

COSCO Shipping Ports (CSP) has handled a total of 92.2m teu in the first three quarters of 2019, representing a 5.3% rise in volumes but this increase has not delivered improved profits for the Chinese state-owned operator.

Revenue was up 3.2% to US$772.6m in the first three quarters of the year but net profit has fallen by 10% to US$219.6m.

Greater China accounted for 78% of the company’s volumes in the third quarter of 2019 with Qingdao Port International a standout performer, handling 5.4m teu, a rise of 8.6%.