COSCO Shipping Ports (CSP), the biggest terminal operator in the world, has warned that the world has not contained the COVID-19 pandemic and that the impact could be felt for some time.
In a statement accompanying its first quarterly figures, CSP said the global economy has been “heavily and negatively impacted, casting uncertainties over global trade, which is confronted with greater challenges”.
Additionally, it said its own outlook was “full of uncertainties” as its year-on-year (YoY) gross profits fell by 34.9% and revenue dropped by 11%; its throughput also fell by 4.4%.
Its portfolio in Greater China accounted for 75.2% but still fell by 6.6%. Within China, the Yangtze River Delta dropped by 33.1%, the worst performing of its Greater China regions.
Southeast Coast and Pearl River dropped by 9.1% and 12.5% respectively. However, its Overseas Regions grew by 3% YoY, with the best performing area being the Zeebrugge terminal, which increased by 72.1%.
“COSCO SHIPPING Ports has been committed to enhancing terminal operational efficiency and strengthening the cost control, which is one of the Group’s major strategic initiatives as the world’s leading terminal operator,” CSP said in its statement.