COSCO Pacific terminals reach 23-million-TEU traffic

COSCO Pacific terminals reach 23-million-TEU traffic    Throughput of terminals in Asia and Europe where COSCO Pacific has a stake soared 40 percent to 23.5 million TEUs in 2004, making the Chinese-controlled terminal and leasing company the world’s fifth-largest international terminal operator.
   Hong Kong-listed COSCO Pacific also reported Friday a 34-percent jump in profit attributable to its shareholders, to $206.3 million, when compared to the previous year.
   The fastest rates of container traffic growth at COSCO Pacific last year were seen at its terminals on the Bohai rim of northern China (Qingdao and Dalian) and at its joint venture terminal in Singapore. The Bohai rim terminals increased their combined throughputs 132 percent to 7.5 million TEUs in 2004. COSCO-PSA Terminal in Singapore increased its volume five-fold to 571,863 TEUs last year from 95,830 TEUs in 2003.
   The group's Pearl River delta terminals, including the Yantian terminal joint venture with Hutchison and other partners, reported a more moderate growth of 11 percent for 2004, reaching an annual throughput of 9 million TEUs. This was due to a 21 percent decline in box traffic at Shekou Terminals. By contrast, Yantian International Terminals (phases 1, 2 and 3) lifted their throughput 19 percent to 6.3 million TEUs in 2004.
   The third major area in terms of box traffic at COSCO Pacific is the Yangtze River delta, where it has two terminals in Shanghai and two in other locations. The combined box volume for the company’s Yangtze River delta terminals rose 19 percent to 6.4 million TEUs in 2004.
   “Operating upon solid foundations in China with full support from its parent company COSCO, the largest shipping group in the nation, COSCO Pacific’s profile as an international terminal operator is coming into shape,” the Chinese port and container leasing company said.
   The group said the focus of its future port investment and development would remain in China, described as “the most promising country in the world in terms of potential demand for terminal services.” However, COSCO Pacific added it would consider other opportunities internationally.
   In November, COSCO Pacific bought a 25-percent stake in Antwerp Gateway in the port of Antwerp, its first port business in Europe.