COSCO SHIPPING Ports Limited (CSP), the world’s largest port operator, has claimed to of had a 70% boom in profits in its interim results for the first half of 2018.
According to an operational review, CSP’s revenue surged by nearly 80% to USD $495.5 million, despite an ongoing Sino-US trade conflict, rising protectionism and other geopolitical tensions.
Reasons for such a huge growth in revenue include a massive increase in overall TEU throughput, which soared by 26.5% to 56.7 million TEU between January and June 2018.
Throughput volume from mainland China, which accounts for 74.2% of CSP’s total, jumped 25.9% to 42.1 million.
In addition, the Nantong Tonghai Terminal, in which CSP holds a 51% equity interest, officially commenced operation on 30 June 2018.
Its annual handling capacity is also expected to rise to 1.47 million TEU after domestic and foreign trade companies migrate from Langshan Port to Nantong Port.
CSP has also proceeded with the diversification of its business, which now includes extended supply chain services.
Other developments include the construction of a container freight station and logistic park on 3.6 million square metres of land outside Nantong Tonghai Terminal.
In order to enhance efficiency at its terminals, CSP has trained its operators to use the Navis N4 system.
According to the review, “COSCO SHIPPING Ports continued to extend its international footprint with an aim to build a balanced portfolio of terminals across an extensive network.