CHINA Ocean Shipping's terminal-operating arm, Cosco Pacific, posted third quarter earnings of US$86.9 million, an increase of 8.5 per cent year on year.
Its terminals handled a total of 17.6 million TEU in the third quarter, up 8.7 per cent year on year despite weaker import demand in China, where most of its terminals are based.
China's slowing growth was reflected in the three per cent on-year decline in volumes at Cosco Pacific's Yangtze River terminals during the period to 2.5 million TEU, reported Lloyd's List Asia.
However, the Pearl River Delta terminals, reflecting a shift in manufacturing to other areas of China, saw strong growth of 14 per cent year on year to 5.3 million TEU.
Container volumes at the Bohai Rim terminals in northern China collectively grew 5.5 per cent in the third quarter to 6.3 million TEU.
"Despite a slowdown in year-on-year growth of container throughput in the third quarter of 2014, the group's overall container throughput growth was satisfactory for the first three quarters of 2014," Cosco Pacific was cited as saying in a statement to the Hong Kong stock exchange.
For the first nine months of the year the terminal operator posted a profit of $233.7 million, up four per cent year on year.
WORLD SHIPPING
30 October 2014 - 20:53
Cosco Pacific's quarterly profit up 8.5pc on 9pc box volume growth
CHINA Ocean Shipping's terminal-operating arm, Cosco Pacific, posted third quarter earnings of US$86.9 million, an increase of 8.5 per cent year on year.
WORLD SHIPPING
30 October 2014 - 20:53
Cosco Pacific's quarterly profit up 8.5pc on 9pc box volume growth
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