COSCO Shipping Ports More than Doubled Profit in 2017
Hong Kong-based port operator COSCO Shipping Ports said that it 2017 profits have more than doubled from a year earlier, partly due to a one-off disposal gain and higher operating profits. The subsidiary and listed company of China COSCO owned by COSCO Group said that its profit reached USD 512.4 million in 2017, representing an increase of 107.4 pct compared with 2016 when the profit stood at USD 247 million. The firm's full year revenue rose 14% to US$634.7 million. Benefitting from the economic recovery and with growth fueled by its acquisitions, the Group has achieved promising results for the year, with total throughput of 100,202,185 TEU. During the year, it completed the acquisition of a 51% equity interest in Noatum Port Holdings S.L.
Pasir Panjang Terminal Phases 3 & 4 Wins Top Engineering Accolade
The Engineering Feats @ IES-SG50 competition was organised by the Institution of Engineers, Singapore (IES) to seek out and recognise the top 50 engineering achievements across the various fields of engineering deemed to have made the greatest economic, infrastructural or societal impact to Singapore since 1965. The results were announced at IES’ Golden Jubilee celebrations graced by Prime Minister Lee Hsien Loong at a gala on 1 July 2016. To construct Pasir Panjang Terminal Phases 3 & 4, some 198ha of land (equivalent to 280 football fields) was reclaimed off the Pasir Panjang shore. Including existing firm land, PPT Phases 3&4 stand on 237ha of land.
