In the first quarter of 2019, the international container shipping market continued to recover.The freight rates of Transpacific and Asia-Europe routes were higher than the same period of last year. The average China Containerized Freight Index (CCFI) reached 852 points,representing a year-on-year increase of 4.5%.
COSCO SHIPPING Holdings actively seized market opportunities, made efforts to improve the quality of development and maintained its growth momentum. In the first quarter of 2019,the revenue reached RMB35.08 billion, representing a year-on-year increase of 60%. The company realized a net profit attributable to equity holders of the company of RMB687 million, surged 280% from RMB181 million in the same period of last year. The revenue of container shipping business reached RMB33.45 billion, representing a year-on-year growth of 62.4%, and the gross profit was RMB3.22 billion, representing a year-on-year increase of 159%, with gross profit margin increased by 3.6 percent points to 9.6%.In view of major operating data, the core businesses of the Company continued to maintain sound growth momentum. In the first quarter of 2019, the container shipping business of the Company handled a shipping volume of 5.88 million TEUs, representing a year-on-year increase of 42.6%; of which COSCO SHIPPING Lines handled a shipping volume of 4.28 million TEUs, representing a year-on-year increase of 3.7% and OOCL handled a shipping volume of 1.61 million TEUs. The container terminal business segment of the Company recorded a total throughput of 30.63 million TEUs, representing a year-on-year increase of 12.6%; of which the total throughput of COSCO-PSA Terminal in Singapore and Piraeus Port in Greece increased by 54.2% and 24.4% respectively.
For the container shipping business, the Company fully implements its core "Ocean & Plus" strategy, namely "globalization, dual-brand, digitalization and end-to-end", to transform from "scale development" to "returning to the essence of the shipping industry and improving service" and continuously build a world-class liner company with international competitiveness. Through continuously strengthening the global strategic layout and focusing on route network optimization, the Company enhances its comprehensive competitiveness and promotes high-quality development. Adhering to the customer-oriented philosophy, the Company promotes the application of digital technology and artificial intelligence, which could improve the level of marketing services and its operational efficiency to enhance customer experience. After the acquisition of Orient Overseas (International) Limited ("OOIL"), the Company adopted dual-brand strategy and has gradually achieved synergies. In addition, the Company puts more efforts on the end-to-end product development, and continues to promote the construction of sea-rail intermodal network to further enhance the capacity of end-to-end logistics solution. As of the end of first quarter, the Company operated a fleet comprising 478 container vessels with total shipping capacity of 2.78 million TEUs, ranking the third in the world in terms of shipping capacity, and had orders for 9 container vessels with total shipping capacity of 159,421 TEUs, which will be delivered in 2019.
As for the port business, as the world's leading port operator, COSCO SHIPPING Ports focuses on exploring opportunities along the “Belt and Road” and emerging markets, continuously improves the layout of global terminals, strengthens the control and management ability of ports and terminals, and strive to give full play to the synergies brought by the parent company's fleet and OCEAN Alliance. In January 2019, COSCO SHIPPING Ports signed a formal agreement to acquire 60% equity interest in Chancay Terminal in Peru, and the project is the Company’s first controlled terminal project in South America. In addition, the company continues to step up the development of terminal extended logistic business to enhance its profitability. In April 2019, COSCO SHIPPING Ports signed an agreement to invest in the supply chain project in Nansha district of Guangzhou, in order to develop port supply chain platform and high-end warehousing business, and extend the upstream and downstream industries.
In the future, COSCO SHIPPING Holdings will continue to consolidate and develop its container shipping, terminal operation and related businesses, and improve the shipping value chain. Focusing on synergy and lean management, the company will continuously enhance comprehensive competitiveness of container shipping and port services, further promote healthy and stable development of businesses, and provide better service to the customers, so as to maximize business efficiency, enterprise value and shareholder returns.
Source:XINDE MARINE NEWS
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