Full steam ahead for shipping giant(2)

Updated 2017-06-22 10:35:16 China Daily
A worker connects loading hooks to goods from a COSCO Shipping freighter at Kotka Harbor, Finland.

A worker connects loading hooks to goods from a COSCO Shipping freighter at Kotka Harbor, Finland.

Last year, the Port of Singapore Authority was extensively upgraded by the group, while it also bought the Piraeus Port Authority in Greece and invested in the Euromax Terminal Rotterdam in the Netherlands.

As for the big picture, China COSCO Shipping owns more than 46 container terminals across the world, with over 190 berthing spaces.

"The amount going through our container terminals worldwide amounts to 90 million twenty-foot equivalent units or TEU, making it the second biggest in the world," the company stated. "Global sales volume of our ship bunker fuel exceeds 25 million metric tons, topping the world's list."

Other figures showed that China COSCO Shipping's container leasing business surpassed 2.7 million TEU, which is the third-largest in the world.

During the first four months of this year, the group's shipping volume registered a year-on-year increase of 9.8 percent, with terminal throughput of 12.2 percent. Projected logistics volume was 8.7 percent.

Operating revenue and profit showed double-digit growth although the State-owned company declined to disclose detailed financial figures.

Back on dry land, COSCO Shipping Logistics Co completed construction on the Central and Eastern Europe Trade Logistics Park Base (Phase-I) in the Ningbo Free Trade Zone of East China's Zhejiang province.

"The base will provide central Eastern European traders and e-commerce players with a one-stop supply chain solution by integrating 'overseas warehouse' operations, cargo agencies, bonded and food warehousing, logistics distribution and trade enforcement," said Han Jun, president of COSCO Shipping Logistics.

The sprawling complex has been divided into three phases.

Opened earlier this month, the 12,000-square-meter constant-temperature food warehouse was part of phase one. The design and construction of a constant-temperature food warehouse for the second phase will be started in July.

That will be followed by the third phase, a cold chain warehouse, scheduled to be built when demand takes off for products from Eastern European countries.

"Even though the world's shipping market has limped along since 2009 because of weak demand, the Belt and Road Initiative can effectively offer a lifeline to ailing global shipping companies," said Dong Liwan, a professor at Shanghai Maritime University.

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