COSCO Shipping Ports (CSP) has claimed the effects of the COVID-19 pandemic have gradually eased after its gross profits increased by 35.9% year-on-year (YoY) in Q1.
In a statement, the company said global vaccination programmes have brought the pandemic “under control” and that it expects trade and economic growth to recover.
“The Group will continue to seize the opportunities of global development and optimise our overall terminal portfolio,” it said.
“Meanwhile, the Group will actively enhance the gateway ports network, further strengthen supply chain services and explore expansion opportunities in the Middle East, Africa and Southeast Asia, etc.”
The COVID-19 pandemic has had a substantial effect on ports and terminals across the world, as well as trade uncertainty.
Volumes at many of the world’s major gateways have fluctuated since the outbreak and exports from China have boomed since lockdown measures were eased in the middle of 2020.
This has caused major congestion at the major US West Coast ports, such as Los Angeles, Long Beach and Oakland, and supply chain chaos.
The company’s terminals handled 30,187,744 TEU in Q1, a YoY increase of 9.9%, with volume at its subsidiaries growing by 5.3% and reaching 5,365,528 TEU.
Traffic in terminals in the Southwest Coast region grew by 29.2%, the largest jump in CSP’s portfolio, and accounted for 4.2% for the company’s total volume.
The terminal operator attributed the growth in this region to infrastructure investments and its ‘New Land and Marine Routes for Western Region’, which it said boosted overall efficiency.
The second highest growth region was the Pearl River Delta, which experienced a jump of 24.8% and accounted for 23.2% of CSP’s total. This has been put down to “enhanced terminal operating efficiency” and an increase in shipping services.
The Yangtze River Delta experienced growth of 13.4% and accounted for 12.2% of CSP’s total. Bohai Rim grew by 3.4%, Greater China by 12.5% and Overseas by 2%.