Shi Qin News

COSCO Pacific Ltd. reported its net profit rose 3.7 percent in 1999 from a year earlier to $134.08 million and added that it would step up investment in 2000. The company, an indirect unit of China's largest shipping firm China Ocean Shipping (Group) Co., engages mainly in container leasing and container terminal operation. Managing director Shi Qin said the listed firm planned to spend about $100 million to $110 million to buy containers in 2000 to match the rise in demand caused by global economic growth. The sum almost doubles the $57 million the firm spent in buying containers in 1999, when the size of its container fleet dropped 1.0 percent to 500,899 teu.

COSCO Pacific Ltd plans to spend $150 million buying 90,000 TEUs this year to boost the number of its containers by about 18 percent to 600,000 TEUs, company managing director Shi Qin said. The ship container leasing and handling company would start providing an online container leasing service in June. COSCO had debts of $490 million at the end of last year, he added without giving further details. - (Reuters)