Cosco’s Piraeus subsidiary posts record profits
While the Cosco group as a whole posted losses of 1.1 billion USD in the first half of the year, its subsidiary at the port of Piraeus showed record profits.
According to figures published by China Shipping Ports (formerly Cosco Pacific), the Piraeus subsidiary’s profits increased by 18.3 percent, or 17.9 million euros, up from 15.129 million euros during the corresponding period of 2015.
The company’s revenues were also up by 13.2 percent, standing at 88.72 million USD. The same figure for the first half of 2015 was 78.393 million euros.
The positive results are due to increased volume at the container port run by Cosco at the Port of Piraeus.
The Chinese multinational assumed a majority stake of the Piraeus Port Authority and its management this week, following an international tender in which Cosco submitted the winning offer.
According to the Shanghai shipping giant, 1.688 million TEUs of cargo transited through the container port in H1 2016, up from 1.481 million TEUs.
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