Cosco Shipping Ports looks for investments as unveils increase in revenue

The Chinese Cosco Shipping Ports reports that it will continue exploring investment and development opportunities in key hub ports in emerging markets, regional markets and third country markets.

The company who operated and managed in September 30, 371 berths at 38 ports worldwide, of which 224 were for containers, with an annual handling capacity of approximately 123 million teu, gave to the press its financial results for the third quarter and nine months until September.

Cosco reports a progress in its recent months revenue with an increase of 2.7% ($358,902,000) in the third quarter, but a decrease in its revenue by 0.6% for the nine-month results ended September 30.

However, its total throughput increased by 4.1% year-over-year to 35,603,127 teu in the third quarter, and it saw also an increase in its total throughput for the nine-month period by 2.8% year-over-year to 100,175,999 teu.

The Piraeus Container Terminal Single Member continued to strengthen synergies with the Ocean Alliance fleet, including the parent company dual brand, with total throughput rising by 5.6% year-over-year to 1,194,519 teu, in comparison with the third quarter of 2022 which was 1,130,880 teu.

CSP Abu Dhabi Terminal also strengthened its marketing efforts and enhanced its feeder services, with total throughput rising by 22.6% year-over-year to 335,247 teu, compared to the third quarter of 2022 which was 273,476 teu.

Since 2023, the global economy has experienced low growth rates under the influence of multiple negative factors such as persistent inflation, high interest rates, and geopolitical tensions.

In the face of these challenges, Cosco Shipping Ports, with its global terminal network, continued to capitalize on the synergies with the dual brands of the parent company, and achieved a year-on-year growth rate of 4.1% in total throughput in the third quarter.

Meanwhile, Cosco reported that the profits attributable to equity holders of the company decreased by 4.0% year-over-year to $83,312,000 in the third quarter and it saw also a decrease by 11.7% year-over-year to $233,604,000 for the nine-month period.