Piraeus Terminal Boosts Cosco Pacific Revenue
Hellenic Shipping News – 25.08.2010
Controversial acquisition provides ‘significant growth’ in first half China’s Cosco Pacific said its Piraeus container terminal, acquired in the face of fierce opposition including a strike by Greek dockworkers, contributed “significant growth” in first half revenue The Piraeus facility generated revenue of $46.6 million in the first half of 2010, helping to boost overall terminal revenue more than 131 percent to $103.3 million from $44.7 million in the first six months of 2009.
But Cosco lost $10.6 million in Piraeus due mainly to higher initial operating costs, which resulted in its overall net profit from terminals shrinking 11.4 percent to $39.6 million from $44.7 million a year ago.
Piraeus handled 376,727 20-foot equivalent units in the six months to June 30, driving a 39.7 percent increase in Cosco’s non-Chinese container traffic to 2.68 million TEUs from 1.9 million TEUs in the year-earlier period.