COSCO Shipping Ports revenues hit $1.2 billion in 2021

China Shipping, Evergreen, CMA CGM, Cosco Shipping Hamburg Sud containers stacked at container ship and waiting for unloading - Los Angeles, California, USA - 2021

COSCO Shipping Ports Limited (CSP) has announced its annual financial and operational results for 2021, posting a significant improvement in revenue.

In Q4 2021, CSP saw its revenues increase by 25.1 per cent to $347.6 million. Gross profit also increased by 57.7 per cent to $99.4 million.

For calendar year 2021, the company posted revenues of $1.2 billion, a 20.7 per cent year-on-year increase over its income in 2020.

Gross profit reached $325.2 million in 2021, rising 39.8 per cent over the previous year.

“CSP seized the opportunity of the recovery of world economy and trade. During the period, driven by the positive impact from our lean operation strategy, overall business recorded growth in 2021, with revenue increased by 20.7 per cent year-on-year (YoY) to $1.2 billion,” said CSP in a statement.

“The gross profit margin of the company in 2021 expanded to 26.9 per cent, an increase of 3.7 percentage points YoY. Gross profit increased 39.8% YoY to US$325.2 million. Terminal profit from our subsidiaries surged by 156.4 per cent to US$88.8 million.”

A total of 129,286,375 TEU passed through the company’s facilities last year, an increase of 4.4 per cent year-on-year.

Total throughput from its subsidiaries also rose 4.7 per cent year-on-year to 23,374,915 TEU.

© COSCO Shipping Ports (SCP)

The Greater China area handled more containers than any other region in 2021, processing 99,275,231 TEU, an increase of 4.1 per cent over its 95,380,835 TEU throughput in 2020.

The Southwest Coast posted the lowest throughput in the country, coming in at 6,011,800 TEU, up 11.7 per cent from 5,383,701 TEU in 2020.

The total throughput of its overseas terminals also increased by 5.5 per cent year-on-year to 30,011,144 TEU in 2021.

As CSP looks to the future, it aims to grasp strategic development opportunities, promote scale expansion, and enhance the quality and efficiency of its facilities across the globe.

“Looking forward to 2022, despite the complex and uncertain global macro environment, the resilience of China’s economic development, the strong domestic market, a sound supply system and the coming into force of the Regional Comprehensive Economic Partnership (RCEP) will provide support to China’s economy and the long-term economic fundamentals will remain unchanged,” continued CSP.

“With the penetration of vaccines and the gradual recovery of production capacity in developed countries, the growth rate of China’s foreign trade is expected to slow down in 2022, and the demand for container transport will gradually return to normal.”

Over the next few years, the company will further promote the implementation of digital transformation planning and technology planning, citing developments in its Management Information System (MIS) and its Enterprise Asset Management (EAM) system.

Some of the group’s operational highlights from the last year include launching a green finance framework as part of efforts to develop green and smart ports after gaining regulatory approval from the Hong Kong Quality Assurance Agency (HKQAA).

The framework aimed to contribute to the Green Finance Certification Scheme, China’s national project to develop smart and environmentally friendly infrastructure nationally and along the Belt and Road Initiative.

Back in May 2021, CSP Chancay Peru also signed a contract with Chinese construction company CHEC SAC-CCCC4TH for the construction of a new multipurpose terminal.

Peru’s Ministry of Transport and Communications said in a statement that the contract was worth approximately $600 million and included the construction of docks, breakwaters, maintenance and operational function areas, as well as storage space.

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