A senior official from the world's fifth largest box terminal operator has been quoted saying that new port investments are “too risky in the current market”.
Xu Minjie, vice-chairman and managing director for COSCO Pacific Limited, also China's largest box terminal operator, said the company is now aiming to upgrade ports in which it has a majority interest.
“Looking ahead, 2009 is expected to be shrouded with unprecedented challenges. The global recession will inevitably result in a further decline in container shipping volume,” said COSCO Pacific in its 2008 final results.
“China is also facing a very challenging external trade situation. During the first two months this year, China's trade volume and port throughput have declined by 27.2% and 15.0% respectively in comparison with the same period in 2008, resulting in a substantial impact on the Group's core businesses.”
“The terminal and container leasing industries are in a difficult situation which is highly likely to last for the full year,” it added.
2008 saw profit attributable to equity holders of the company decrease 35.8% year-on-year.
Total throughput of all its box terminals however rose 17.7% to about 45.9 million TEUs last year.
Xu Minjie, vice-chairman and managing director for COSCO Pacific Limited, also China's largest box terminal operator, said the company is now aiming to upgrade ports in which it has a majority interest.
“Looking ahead, 2009 is expected to be shrouded with unprecedented challenges. The global recession will inevitably result in a further decline in container shipping volume,” said COSCO Pacific in its 2008 final results.
“China is also facing a very challenging external trade situation. During the first two months this year, China's trade volume and port throughput have declined by 27.2% and 15.0% respectively in comparison with the same period in 2008, resulting in a substantial impact on the Group's core businesses.”
“The terminal and container leasing industries are in a difficult situation which is highly likely to last for the full year,” it added.
2008 saw profit attributable to equity holders of the company decrease 35.8% year-on-year.
Total throughput of all its box terminals however rose 17.7% to about 45.9 million TEUs last year.