COSCO SHIPPING Ports Limited

In the first half, COSCO SHIPPING Ports reported total throughput of 80.2 million TEUs, up 7.9% year over year, and equity throughput of 24.5 million TEUs, up 7%. Revenue reached USD 0.91 billion, up 12.3% year over year; EBITDA increased 20.6% to USD 0.54 billion; and profit attributable to equity holders was USD 0.23 billion, up 20.5%. Management also said gross profit increased 9.3% year over year, total terminal profit was USD 234.2 million, and the gross profit margin for controlling terminals in China stayed at 38.5%. Cash and bank deposits were USD 1.35 billion, net debt-to-equity was 20.8%, and average bank borrowing cost was reduced to 3.98%. For full-year CapEx, management said the budget was adjusted to USD 756 million, including about USD 497 million for fixed assets and about USD 160 million for equity investment. Management guided to continued growth in the second half, saying whole-year throughput growth would remain at 3%, while also citing industry/region growth estimates it discussed from external sources.

Wu Yu said the first half showed the company’s resilience despite geopolitical and trade uncertainty, with demand supported by congestion at ports, regional diversification, and tighter port-shipping integration. She emphasized expansion in emerging markets and third-party markets, active optimization of the global terminal portfolio, and continued investment in smart, green, low-carbon operations. Her tone was confident and constructive, repeatedly framing uncertainty as an opportunity to improve asset quality, customer mix, and long-term competitiveness.

Zhao Fengnian focused on the financial levers behind the quarter: revenue up 12.3%, gross profit up 9.3%, EBITDA up 20.6%, and profitability up 28.5% as he described it. He highlighted a healthy liquidity position with USD 1.35 billion in cash and bank deposits, a historically low 20.8% net debt-to-equity ratio, and a lower average borrowing rate of 3.98% after refinancing and debt optimization. He also pointed to CapEx of about USD 75.2 million in the first half and a stable 40% payout ratio, alongside dividend per share of USD 0.0236, up 22.4%.

Analysts asked how the company delivered higher throughput, revenue, and net profit despite global uncertainty; management answered that congestion, resilient demand, refined management, and better asset allocation supported results. They also discussed PCT’s performance, with Wu saying it benefited from structural optimization and more focus on external trade routes. On the outlook side, management said second-half growth should remain positive but more moderate, and on geopolitical risk they stressed legal/compliant investing, prudent M&A, and flexibility in operations. Questions on MIS/EAM systems, CapEx, warehouse saturation, dividends, and ESG were answered with comments about stable system rollout, a revised full-year CapEx budget of USD 756 million, warehouse expansion and logistics-network synergies, a stable 40% dividend policy, and climate-risk assessments plus electrification/digitalization efforts.