Chinese giant recording a boost of around 70%
Cosco Shipping Ports (CSP), a subsidiary of Chinese state liner Cosco Shipping, has posted a massive 70% jump in adjusted profit in H1, 2018.
The result has quelled fears of the US-China trade war impacting on business within China and across the Asian region.
That said, the company has warned that time is of the essence, with the trade war likely to have a sizeable impact eventually if disagreements are not resolved.
CSP’s adjusted net profit for the company reached US$169 million in H1, 2018, far surpassing market forecasts, with revenues growing by 80% year on year.
Zhang Wei, Vice-Chairman and Managing Director, CSP said: “The trade war impact is relatively mild so far, as we have limited exposure to US trade.”
China has made a very big effort in recent years to grow it trade, logistics and maritime might, evidently seeing the sector as key to its growth in the global landscape.
This strategy is no better expressed than in the One Belt, One Road (OBOR) project, which looks to recreate a huge historic trading route from China, through Asia to the Middle East, and on to Europe.
In its efforts to reawaken this trade route, China has invested in infrastructure and ports across each of the regions.