Shanghai-based terminal group COSCO Shipping Ports posted a 2.2% decline in throughput for 2022 after a significant contraction in traffic at its Chinese ports.
The group’s port portfolio registered a total return of 103.3 Mteu for the year, down from 105.6 Mteu in 2021.
However, the group’s Chinese terminals (excluding Qingdao Port International, which has yet to release December figures) posted a traffic drop of -5.4% year-on-year, mainly due to the sale of Tianjin Euroasia Terminal in December 2021.
The result contrasted with a 5.9% growth in the group’s portfolio of terminals abroad.
There were several bright spots for COSCO during the year. Traffic doubled at the Red Sea Gateway Terminal to 2.75 Mteu. Meanwhile, CSP Zeebrugge Terminal saw a 15% increase in containers handled to 1.1 Mteu, and throughput at APM Terminals Vado jumped almost 300%, from 57,000 teu to 222,000 teu.
At its Chinese ports, Dalian Container Terminal and Beibu Gulf Port posted year-on-year growth of 22.0% and 16.8%, respectively. However, traffic at Shanghai Mingdong Container Terminals fell 20%, while COSCO’s overall Bohai Rim operations saw a near 15% drop in throughput, even with gains in Dalian, again as a result of the sale of the Euroasia Port of Tianjin.