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COSCO positive despite plummeting revenue

Shanghai Pudong
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COSCO Shipping Ports (CSP) has said it is optimistic for the future despite seeing its revenue and gross profit fall by 12.6% and 35.4% respectively in the first six months of 2020.

The Chinese terminal operator said it was encouraged by a recovery in Chinese imports and exports, even though COVID-19 had “not been contained globally”.

To that end, it said it would continue to ” actively implement a series of measures, such as lean operations, control cost and improve efficiency.”

Furthermore, it will “refine and optimise” its portfolio’s information system and “enhance the application of Navis N4 system to realise standardised terminal operation and management mode”

The objective of this is to improve its management efficiency, as well as reduce the overall management cost of the terminals.

The company also insisted it is “well prepared” to embrace rising demand as the world’s economy starts to slowly unlock itself from months of lockdown.

It said it is aiming to build hub ports, gateway ports and strategic terminals with controlling stakes to improve its profit and “enhance synergy”.

Throughput declined across its global portfolio. Its Greater China portfolio, which accounts for 77% of the business, declined by 4.3% but the biggest fall was seen in the Yangtze River Delta region, which suffered a dip of 31.6%.

Its Overseas portfolio fell by 1.1%, however the Southwest Coast increased by 214.6%, due to the inclusion of the Beibu Gulf Port since January 2020.

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