China?s Surging Economy Enriches Shipping Lines
Japan?s NYK Lines saw first-half record-breaking profits, as the Asia markets continued to surge. Mitsui OSK and K-Line have also upgraded their revenue projects. And, Cosco Pacific, China?s state-owned shipping company, had a 45 percent surge in its container volumes for 2003.
Cosco witnessed a throughput of 19.4 million TEUs in 2003 versus 13.4 million in 2002. Cosco Pacific ranked 8th in the world in 2002 and moved up to 5th in the 2003 world ranking.
Trade for China?s 10 ports surged, as imports and exports leapt more than 30 percent, totaling $851.2 billion. Chinese exports swelled 50.7 percent in December alone, as Cosco handled more than 5 million TEUs.
Cosco?s Hong Kong listed shares jumped 62 percent in 2003 driven by the hyper-China economy, and was added to Hong Kong?s prestigious blue-chip Hang Seng index in June.