COSCO Pacific sees revenue jump 40%

COSCO Pacific, which has interests in some 21 terminals in China and around the world, said it had revenue of $222.7 million in the first half of 2010, 40 percent more than in the same 2009 period.
Throughput at those terminals was 22.4 million TEUs, 18.7 percent more than in the same 2009 period.
The company pointed to a forecast by China's Ministry of Transport that China’s container throughput would reach 140 million TEUs, a 16 percent year-on-year growth
Since China operations accounted for 88 percent of COSCO Pacific's container terminal operations in the first half, the company said those operations are "likely to continue to achieve solid throughput growth in the second half."
The company will also benefit from increasing its interest in the Yantian International Container Terminals from 5 percent to 15 percent.
COSCO Pacific also owns Florens Container Holdings Ltd, the second-largest container leasing company, with a 14.4 percent share of the market. On June 30, the size of its fleet was nearly 1.6 million TEUs, about 0.5 percent less than a year earlier.
The company said it expected the overall utilization rate of its container fleet to remain high in the second half of this year.
The group ordered about 100,000 TEUs of new containers in the first half of the year, with most of them delivered in and after the second quarter.

Date Posted: 8/24/2010 9:33:34 AM

Source: American Shipper+