COSCO Pacific reports rise in profits

COSCO Pacific reported profit attributable to shareholders of $153 million in the first six months of the year, 11 percent more than the $137.9 million recorded in the same 2007 period.

The company said it handled 22.09 million TEUs in the period, about 23 percent more than the prior year period, making it the world's fifth-largest container terminal operator.

COSCO has equity interests in 27 terminal joint ventures, with a total of 140 berths and 89 container berths in operation, up from 78 berths in 2007. Its total capacity has increased to 48.2 million TEUs from 39.6 million TEUs in 2007.

The company's container leasing, management and sales businesses has continued to grow and the company said its fleet size reached 1.6 million TEUs compared to 1.4 million TEUs, a year earlier.

COSCO Pacific's improved results reflected continuing strong Chinese trade. During the first half of the year, Chinese exports rose 21.9 percent to $666.6 billion. and imports rose 30.6 percent to $567.6 billion.

The company said it received a formal notification from Piraeus Port Authority it has been provisionally awarded a concession for the Pier 2 and Pier 3 container terminal at the Greek port.

An investment in Piraeus port offers the group an excellent opportunity to invest in major terminals outside of China, which in turn aligns with its corporate strategy of becoming a leading global port operator, the company said. 

Source: Transportweekly