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Operational Review Operational Review Operational Review parent company of the Company, is a member, has a total fleet capacity of 3,500,000 TEU. Ever since it started operation in April 2017, the OCEAN Alliance has been increasing its calls to the terminals of COSCO SHIPPING Ports and has accounted for 44% of the total throughput of the Group’s subsidiaries for the year. The Group believes the calls of the OCEAN Alliance’s fleet will continue to drive the growth of the Group’s throughput going forward. Markets Review Overall Performance The global economy experienced a steady broadbased Benefitting from the economic recovery and with growth recovery in 2017, and the confidence of investors has been fueled by its acquisitions, the Group has achieved promising restored. According to the International Monetary Fund (“IMF”), results for the year, with total throughput of 100,202,185 TEU. global economic growth was expected to reach 3.7% in 2017 Excluding the throughput of QPI from May to December 2017 – the fastest growth pace since 2011 – which had driven and the throughput of QQCT in 2016, the throughput increased the expansion of international trade to 4.7%, an increase of by 13.4% to 87,932,185 TEU (2016: 77,572,219 TEU). Throughput 2.2 percentage points over the previous year. Domestically, generated from the Greater China region increased by 8.0% to China’s economy continued to gather steam, with imports 69,091,521 TEU (2016: 63,989,237 TEU) accounting for 78.6% of and exports fueled by rising external and internal demands. the Group’s total. Throughput from the China region (excluding According to the statistics of the China Customs Department, Hong Kong and Taiwan) increased by 6.8% to 63,904,439 TEU the total amount of imports and exports in 2017 grew 14.2%, (2016: 59,827,565 TEU) occupying 72.7% of the total. The with exports and imports increasing by 10.8% and 18.7% performance of the overseas portfolio was also encouraging respectively. for the year. Throughput increased by 38.7% to 18,840,664 TEU (2016: 13,582,982 TEU), made up 21.4% (2016: 17.5%) of the Backed by the increase of international trade and the steady total, mainly due to the contribution by Vado Reefer Terminal recovery of the global economy, there was a turnaround in the and the two-month contribution by the NPH Group. Added to global shipping market as the increase in the demand over this was Euromax Terminal with the inclusion of its throughput supply during the year helped alleviate the overcapacity in the starting in October 2016, and recording a throughput of industry. According to Drewry Shipping Consultants Limited, 2,693,337 TEU in 2017. the total throughput of global containers was expected to increase by 5.4% in 2017, rising 2 percentage points over Excluding throughput of QPI from May to December 2017 and 2016. Ports in China have also reported good growth as total the throughput of QQCT in 2016, total equity throughput of the throughput for the year was 236,800,000 TEU, an increase of 8.3%, Group increased by 11.0% to 29,740,584 TEU (2016: 26,798,320 up 4.7 percentage points from last year. TEU). With the operating efficiency of the Group’s terminals continuing to improve and adding the contributions from QPI, In 2017, the OCEAN Alliance was officially established. total terminal profit increased by 23.4% to US$299,866,000 for According to a survey conducted by Alphaliner on 13 February the year (2016: US$242,898,000). 2018, the OCEAN Alliance, together with the 2M and THE Alliances, accounted for 79% of the global container shipping COSCO SHIPPING Ports continued to extend its international capacity. With more than 41 shipping routes in Eastwest footprint with an aim to build a balanced portfolio of bound and Middle East Red Sea bound and 350 container terminals across an extensive network. During the year, vessels, the OCEAN Alliance, of which COSCO SHIPPING, the the Group continued to explore overseas investment 24 COSCO SHIPPING Ports Limited Operational Review target bulk berths 90with a total designed annual handling capacity of opportunities to align with one of its key strategies, ie, Globalization. In China, the Group seized the development 273,740,000 tons opportunity presented by the “Yangtze River Economic Belt” by taking a majority stake in Wuhan Terminal and Nantong Tonghai Terminal. It targets to develop these two subsidiaries into transshipment hub ports in the middle and lower reaches of the Yangtze River delta, so as to optimise the terminals network in the Yangtze River. Moreover, the investment in QPI further consolidated the Group’s leading position in the China market. The increased stake in the Zeebrugge Terminal in Belgium and the acquisition of the NPH Group enabled the Group to complete its terminal network in Mediterranean and Northwest Europe, which now covers major European hinterlands and shipping routes. The investment in Abu Dhabi Terminal in 2016 enabled the Group to extend its reach to the Middle East. Moving forward, the investment focus of the Group will then be in Southeast Asia, Latin America and Africa, so as to continue to extend its network of terminals. As at 31 December 2017, the Group operated and managed 35 ports with 179 container berths around the world with a total annual handling capacity amounting to 102,720,000 TEU and 86 cargo berths in operation with an annual handling capacity of 262,670,000 tons. The Group’s terminal network currently spreads from the five major coastal port regions in China to Southeast Asia in Asia, and beyond to the Middle East, Europe and the Mediterranean. Annual Report 2017 25 Operational Review target berths 1under99 the Group’s container terminals and the total designed annual handling capacity was 116,495,000 TEU 26 COSCO SHIPPING Ports Limited Operational Review Total throughput by region Throughput Year-on-year Percentage of (TEU) change (%) total (%) Bohai Rim* 15,974,976 +5.7 18.2 Yangtze River Delta 19,630,693 +6.1 22.3 Southeast Coast 5,079,660 +12.1 5.8 and others Pearl River Delta 27,049,187 +9.5 30.8 Southwest Coast 1,357,005 +19.2 1.5 Overseas 18,840,664 +38.7 21.4 Total* 87,932,185 +13.4 100.0 Equity throughput by region Throughput Year-on-year Percentage of (TEU) change (%) total (%) Bohai Rim* 5,189,478 +1.1 17.4 Yangtze River Delta 5,586,737 +3.4 18.8 Southeast Coast 2,927,250 +16.8 9.8 and others Pearl River Delta 8,046,814 +11.6 27.1 Southwest Coast 542,802 +19.2 1.8 Overseas 7,447,503 +22.3 25.1 Total* 29,740,584 +11.0 100.0 Note: * Excluding throughput of QPI from May to December 2017 and throughput of QQCT in 2016. Annual Report 2017 27 Operational Review Greater China Total Throughput Bohai Rim1 69,091,521 TEU1 15,974,976 TEU 5.7% 8.0% Dalian Container Terminal 2 6,758,148 +15.2% Dalian Dagang Terminal 24,582 +16.5% Tianjin Euroasia Terminal 2,469,753 +10.6% Tianjin Five Continents Terminal 2,580,943 +0.4% Overseas Yingkou Terminal 3 3,011,107 -12.9% Total Throughput Jinzhou New Age Terminal 571,113 +27.2% Qinhuangdao New Harbour Terminal 559,330 +8.5% 18,840,664 TEU QPI 4 12,270,000 N/A 38.7% Notes: Pearl River 1. Excluded throughput of QPI from May to December 2017 and throughput of QQCT in 2016. Delta 2. The merger of DCT, DPCT and DICT was completed in October 2017. The figure of DCT in FY2016 included the throughput of DPCT and DICT; while the figure of DCT in 27,049,187 TEU FY2017 included the throughput of DPCT and DICT for the first ten months and the throughput of DCT in November and December. 3. Yingkou Container Terminal and Yingkou New Century Terminal were put under same management since May 2017. Therefore, the throughputs of the two terminals were 9.5% combined within the throughput of Yingkou Terminal. 4. The throughput of QPI was included since 1 May 2017. 5. The integration of operation of Guangzhou Nansha Stevedoring Terminal and Guangzhou South China Oceangate Terminal was commenced in August 2017. Therefore, the throughputs of the two terminals were combined within the throughput of Guangzhou Terminal. 6. The co-management and operation of COSCO-HIT Terminal, Asia Container Terminal Yantian Terminals 12,703,733 +8.6% and Hongkong International Terminal was commenced on 1 January 2017. Therefore, 5 the throughputs of COSCO-HIT Terminal and Asia Container Terminal were combined Guangzhou Terminal 10,856,559 +2.7% within the throughput of Hong Kong Terminal. 6 7. The throughput of NPH Group was included since 1 November 2017. Hong Kong Terminal 3,488,895 +43.4% 8. The throughput of Vado Reefer Terminal was included since 1 April 2017. 9. The throughput of Euromax Terminal was included since 1 October 2016. 10. The total throughput of bulk cargo (excluding QPI) in 2017 was 80,810,524 tons (FY2016: 80,821,924 tons), which was similar to last year. The throughput of Dalian Automobile Terminal Co., Ltd. was 711,040 vehicles (FY2016: 569,942 vehicles), representing an increase of 24.8%. The throughput of bulk cargo of QPI from May to December 2017 was 18,343,000 tons. 28 COSCO SHIPPING Ports Limited Operational Review Yangtze River Delta Overseas 19,630,693 TEU 18,840,664 TEU 6.1% 38.7% Shanghai Pudong Terminal 2,650,396 +3.7% Piraeus Terminal 3,691,815 +6.4% Shanghai Mingdong Terminal 6,500,062 +10.2% Zeebrugge Terminal 316,448 +14.1% Ningbo Yuan Dong Terminal 2,980,839 +17.5% NPH Group 7 554,028 N/A Lianyungang New Oriental Terminal 2,872,563 -7.3% COSCO-PSA Terminal 2,044,536 +13.0% Zhangjiagang Terminal 735,918 +9.0% Vado Reefer Terminal 8 39,455 N/A Yangzhou Yuanyang Terminal 489,108 +7.7% Euromax Terminal 9 2,693,337 +311.9% Nanjing Longtan Terminal 2,881,008
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