Cosco Pacific said in its first quarter report that its terminal business and container leasing, management and sale businesses achieved satisfactory performance. While the container leasing business remained stable due to the majority of the group's boxes being under long term leases, Cosco Pacific's container manufacturing business was hit by the slack global container market. The share of profit from its 21.8% stake in China International Marine Containers (CIMC) fell by 79.2% to $9.11m, as CIMC's was adversely affected.
Total throughput handled by the group’s terminal companies rose 11.5% from the year before to 12.78m teu. While the China terminals posted good growth of 9.8% from the first quarter of 2011 to 11.04m teu, the standout performer was Cosco Pacific's Piraeus Container Terminal, which saw throughput more than double to 504,645 teu, thus raising overall growth at its overseas terminals by 23.3% to 1.73m teu in the quarter. Among Chinese terminals, the Oceangate Terminal in Nansha in the Pearl River Delta saw the strongest growth of 40.3%.
Meanwhile among other Southern China ports reporting first quarter results, Xiamen Port saw first quarter profit grow by almost a third to RMB31.86m ($5.05m) from RMB24.66m previously as revenue rose by 26.5% to RMB564.76m from RMB446.31m in the previous corresponding quarter.
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