Chinese port operator looking to invest overseas

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Chinese port operator looking to invest overseas

Chinese container terminal operator COSCO Pacific is eager to invest in overseas port terminals, the South China Morning Post reports.

COSCO's deputy managing director, Qiu Jinguang, said:

"Overseas ports are increasingly important and we are in discussion with several overseas port owners now."

With the cash raised from the China International Marine Containers (CIMC) sale, COSCO Pacific will continue to look at port-investment opportunities in emerging markets in Africa and Southeast Asia, as well as in developed markets in North America, said Executive Director Qiu Jinguang.

COSCO Pacific already owns the following foreign port assets:

  • 100% of Piraeus Container Terminal (in Greece),
  • 49% of COSCO-PSA Terminal Private (in Singapore),
  • 20% of Suez Canal Container Terminal (in Port Said, Egypt), and
  • 20% of Antwerp Gateway (in Belgium).

The company recently announced that it has handled a total of 17.2 million TEUs (weighted by equity share) in 2013, up 10% from 15.6 million TEUs in 2012. Its net profit grew from US$342.2 million in 2012 to US$702.7 million in 2013.

The increase in net profits is partly attributable to the sale of its stake in China International Marine Containers (CIMC), which resulted in a net gain of $393.4 million.

"Looking ahead, against a backdrop of modest global economic growth, we see opportunities to develop our terminals and container leasing businesses," says COSCO Pacific. "The Group will monitor closely changes in market conditions so as to seize business growth opportunities."

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