China COSCO Holdings Co. Ltd., the shipping conglomerate whose holdings include COSCO Container Line, the terminal operating company COSCO Pacific as well as bulk shipping and logistic operations, said it had a loss to equity holders of the listed company of about 2 billion yuan renminbi ($322 million) in the first quarter of 2013.
The company's report to the Hong Kong Stock Exchange said its container shipping business had revenue of 9.2 billion yuan in the first quarter
, 14.3 percent more than in the first quarter of 2012. The company said, if recorded in U.S. dollars, revenues were nearly $1.5 billion.
Container volume in the first quarter was 1,938,879 TEUs, a 10.9 percent increase over the same 2012 period.
By trade lane, COSCO had the following results for its container business in the first quarter when compared to the first quarter of 2012:
- Transpacific - 3.25 billion yuan, up 6.1 percent despite a 0.5 percent decrease in volume to 407,267 TEUs.
- Asia-Europe (including the Mediterranean) - 2.58 billion yuan, up 14.8 percent on a 5.5 percent increase in volume to 420,425 TEUs.
- Intra-Asia, including Australia - 1.5 billion yuan, up 9 percent on an 11.4 percent increase in volume to 460,905 TEUs.
- Other international trades, including the transatlantic - 515 million yuan, up 30 percent on a 13 percent increase in volume to 79,804 TEUs.
- China - 1.15 billion yuan, up 30.7 percent on a 25 percent increase in volume to 570,478 TEUs.
As of March 31, the company is operating a fleet of 172 container vessels with capacity of 775,014 TEUs and has 15 ships with capacity of 127,450 TEUs on order.
The company's terminal business handled 13.8 million TEUs in the first quarter, an 8.4 percent increase over the same 2012 period.
The company's dry bulk business saw volumes reach 55.9 million tons in the first quarter, 0.56 percent more than in the first quarter of 2012. Shipment turnover, 267 million ton miles, was down 9.4 percent from the same 2012 period. - Chris Dupin