COSCO Unit Logs Good 2003

COSCO Pacific, an arm of the Chinese shipping conglomerate, reportedly logged a 45% jump in 2003 container volumes, according to a Reuters report. A container leasor and terminal investor COSCO Pacific saw throughput at ports it owns wholly or partly -- a small but fast-growing part of its business -- hit 19.4 million 20 foot equivalent (TEU) units, a senior executive said on Friday. In 2002, COSCO Pacific handled 13.24 million TEUs through the 10 Chinese ports it holds stakes in, according to the wire report, including the former German concession of Qingdao, Shanghai and the southern boomtown of Shenzhen, said Gao Weijie, parent COSCO's vice president.