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

People & Company News

Carnival Ramping Up in New Orleans

Carnival on track for record year from Port of New Orleans in 2015; expects to embark 3 millionth passenger post-Katrina next year   New Orleans’ number one cruise

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Thordon Bearings Names New China Distributor

Thordon Bearings Inc. of Canada announced that CY Engineering Co. Ltd. will take over as the new authorized distributor for the People’s Republic of China, including Macau and Hong Kong,

Finance

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Oil Plunge Deepens High-yield Gloom

US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn.

Marine Equipment

Exhaust Gas Scrubber Guide Updated

An updated version of the “Exhaust Gas Cleaning Systems Selection Guide” is now available, the U.S. Maritime Administration (MARAD) announced today.   Developed

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Thordon Bearings Names New China Distributor

Thordon Bearings Inc. of Canada announced that CY Engineering Co. Ltd. will take over as the new authorized distributor for the People’s Republic of China, including Macau and Hong Kong,

Insurance

Mariners Dread Port Calls

Seafarer social media site Crewtoo, part of KVH Industries, Inc., has published the results of its second Crewtoo Seafarers Happiness Index report detailing job satisfaction at sea.

Coast Guard Responds to Delaware River Grounding

The Coast Guard is overseeing salvage efforts Tuesday for a motor vessel aground on the Delaware River. The 328-foot Netherlands-flagged motor vessel, Bermuda Islander,

Marine Claims & Casualty Investigation Conference

HINODE Maritime Events is conducting the "Conference on Handling Marine Claims and Investigating Marine Casualties". According to the organisers, the program

Logistics

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Dutch Green Ports to be Model for Turkey

Netherlands will be a model for Turkey’s ports within an environmentally-friendly Green Port implementation, says Daily News.   Port of Amsterdam and Dutch officials

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair 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: 0.6193 sec (2 req/sec)