Flat start to the year for COSCO Shipping Ports

COSCO Shipping Ports’ (CSP) revenue slipped by 0.5% to US$328m in the first quarter of the year, as weaker global demand flattened container volumes growth.

Despite the slight drop in turnover, the port operator’s ‘lean operation strategy’ helped it drive an 11% increase in gross profit to US$90m.

Total container throughput across the company’s portfolio was flat at 30.3m teu, while it slipped by 3% on an equity basis to 9.6m teu.