Cosco Pacific has signed a series of deals that will give it a stake in four mainland port projects, including the controversial Nansha port in Guangzhou.
Cosco Pacific, the port operating arm of the mainland's largest ship-owning company, China Ocean Shipping Group, also announced 33.6 per cent growth in net profit for last year, as growing trade bolstered demand for sea freight through its terminals.
Net profit rose to US$206.29 million for the year to December, as throughput at its terminals worldwide increased almost 40 per cent to 23 million teu (20-foot equivalent units)
Cosco Pacific's container leasing business also contributed to its earnings growth, with container use approaching 100 per cent throughout the group.
Its container fleet grew 13.6 per cent last year to 919,128 teu.
Executive vice-chairman Liu Guoyuan told reporters that the company had signed letters of intent with the authorities in Ningbo, Nanjing, Tianjin and Nansha to invest in and operate terminals at their respective ports.
The projects include a 30 per cent stake in a four-berth terminal at the Tianjin port and a 20 per cent stake in a five-berth terminal at Ningbo in Zhejiang province. The two terminals are expected to begin operations in late 2007.
