COSCO Shipping Ports’ profits increased by 46.6% in the first nine months of 2018, as volume in its Chinese and overseas terminals increased despite the effects of the US-China trade war.
According to the group’s January-September results, it made USD $244.1 million as total throughput increased by 20.8% to 87,518,295 TEU, up from 73,575,641 in 2017.
For the third quarter alone – July 1 to September 30 – its net profit rose by 11.8%. Within China its most successful region was the Bohai Rim on China’s east coast, which accounted for 33.1% of the group’s total throughput having increased in 14.5%.
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The Yangtze River Delta increased by 3%, accounting for 16.6%, with the Pearl River Delta and Southwest Coast contributing 23.8% and 1.1% respectively.
Throughput in its overseas regions increased by 36.6% and accounted for 20.7% of the overall results.
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In a statement accompanying the results, COSCO Ports said it believes the fourth quarter will be negatively affected by the US-China trade war as Chinese exports begin to decline.
Credit: COSCO Shipping Ports
COSCO Ports said: “COSCO SHIPPING Ports believes that the fourth quarter should provide it with both opportunities and challenges.
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“Against the backdrop of uncertainties casting shadow over the macro environment, COSCO SHIPPING Ports will continue to deploy resources prudently, optimize the cost structure, enhance operational efficiency and enhance risk management.
“The Group remains steadfastly committed to building well-balanced terminal network with extended services to meet the needs of shipping alliances; and will continue to prudently seize development opportunity to strengthen its global network of terminals.”
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