CSX World Terminals, a Division of CSX Corporation, to Be Sold

Published Sep 9, 2004 12:01 AM by The Maritime Executive

CSX World Terminals operates a network of terminals and logistic operations in Venezuela, the Dominican Republic, Europe, Australia, Russia, and China. Last year, CSX handled a total throughput of 3.28 million TEUs and had gross revenues of $413 million.

CSX's China operation include terminals logistic centers in Hong Kong and Shanghai, as well as terminals in Tianjin, Yantai, and Hong Kong. The two terminals at Hong Kong's Kwai Chung Container Port accounted for almost 67 percent of its revenues last year.

Throughput volumes at CSX's Hong Kong facilities dropped 7.2 percent last year as the rapid development of terminals in the Pearl River region drained volumes from Hong Kong.

In January of this year, CSX lost its major Hong Kong client, Hanjin Shipping, which means the company will lose $29 million in revenues. And, the company has another major contract that will expire in December, which it doesn't expect to renew.