HK's COSCO International Reports Strong Profit Growth

By George Backwell
Wednesday, August 20, 2014

For the  six months ended 30th June 2014, shipping services provider COSCO International has announced that its 2014 Interim Results show strong profit growth with Net Profit up 45% YOY.

Results Highlights

  • Strong profit growth: profit attributable to the equity holders surged by 45% to HK$190 million. The growth was mainly driven by:
  • Marked increase of 103% YOY in ship trading agency's commission income with significant jump in volume of both scrapped ships and newbuild contracts, resulted from Chinese shipowners- accelerated fleet restructuring activity;
  • 68% YOY increase in finance income generated from the Group's cash on hand with higher bank deposit interest rates
  • Rebound of 374% YOY in profit contribution from the Group's joint venture, Jotun COSCO.
  • Dividend: the Board has declared an interim dividend of 3 HK cents per share, increased by 50% YOY.
  • Strong cash position: the Group had net cash of HK$6 billion as at 30th June 2014, which will support business expansion in the future.

Outlook
Mr. Sun Jiakang, Chairman of the Board of COSCO International, commented:

"With the advantages of strong cash position, experienced professionals and a global service network, COSCO International will be seeing more development opportunities in existing and new business areas.

As for existing business, COSCO International will ensure the steady growth of shipping services business segments, and, at the same time, deepen corporate transformation and upgrade so as to strengthen and improve the profitability of core business.

As for expansion into new business, COSCO International will seize opportunities to further improve the construction of a global sales and service network, actively study on the new business development in shipping services related areas, as well as the upstream and downstream alongh the value chain of existing businesses.

With the full support from COSCO Group, the Company will make every effort to achieve a leap in the business development as soon as possible, and create great returns for shareholders."

About COSCO International
The company's core businesses include ship trading agency, marine insurance brokerage, supply of marine equipment and spare parts, production and sale of coatings and trading and supply of marine fuel and related products. The headquarters of COSCO International is in Hong Kong.

http://www.coscointl.com

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

Finance

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

Coatings & Corrosion

CWind Supports Ballast Nedam at Butendiek OWF

CWind, a provider of integrated services to the wind industry, announced today that it is providing corrosion protection services to Ballast Nedam at Butendiek Offshore Wind Farm (OWF).

NSF Certification for PPG's Products, Coating Systems

PPG Industries’ protective and marine coatings (PMC) business announced that four individual coatings and primers and two combined coating-and-primer systems

Fuels & Lubes

Thordon Bearings Secures AK Ferry Contract

Thordon Bearings has received an order to supply its COMPAC system to two Alaska Ferry newbuilds under construction at the Vigor Industrial shipyard in Ketchikan, Alaska.

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

ClassNK Releases Guidelines for CNG Carriers

Classification society ClassNK has released its Guidelines for Compressed Natural Gas (CNG) Carriers.   Global economic and population growth is bringing about

Marine Equipment

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

LR First to Certify Small Caribbean Ships

LR is the first class society to certify small commercial ships operating in the Caribbean After becoming the first classification society to issue Cargo

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

Insurance

AEU Presents Safety Awards

The American Equity Underwriters, Inc. (AEU) presented its 2014 Safety Awards at the annual American Longshore Mutual Association, Ltd. (ALMA) Conference on July 19, 2015, in Key Biscayne, Fla.

Logistics

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

WKCTC to Host Open House for ILM Institute

West Kentucky Community and Technical College will host an open house and ribbon cutting for the Inland Logistics and Marine Institute August 10 from 4 ­– 6 p.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

 
 
Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2030 sec (5 req/sec)