China Cosco container business growth steady in 2007

CHINA Cosco Holdings Company Limited's container shipping and terminal business posted steady growth during the first three quarters of 2007, reports Xinhua.

During this period, China Cosco carried 4.2 million TEU, up 11.5 per cent year on year. Revenue from container shipping sector rose 19.2 per cent to CNY29 billion (US$3.9 billion). Terminals it operates handled 28.8 million TEU, up 20.7 per cent.

In the third quarter, China Cosco carried 1.5 million TEU, up 7.2 per cent year on year. The container business revenue increased 21.8 per cent to CNY11.2 billion. Throughput of its terminals went up 17.2 per cent to 10.4 million TEU.

The dry bulk market has been far more thriving than the prediction made at the beginning of 2007. China Cosco will benefit from the booming business if it gets dry bulk asset injection from its parent company Cosco Group within the year.

Analysts expect the market to prosper until 2009 at least when a large number of newbuilds will be received from the shipyards.