HPH Trust 2017 earnings slump 45pc on 3pc revenue dip
Singapore-Listed Hutchison Port Trust Holdings (HPH Trust) has announced that attributable net profit fell 44.9 per cent from HKD1.7 billion (US$219 million) to HKD944.2 million last year compared to 2016.
Revenue for the year ending 31 December 2017 slipped 3 per cent to HKD11.91 billion to HKD11.55 billion.
The trustee-manager said it remains "cautiously optimistic" about the expected cargo volume this year.
"Major liners have announced plans to continue to invest and build more mega-vessels of up to 22,000 TEU, and this potential excess capacity will likely put pressure on freight rates and, as a result, keep port tariffs in check," it said.
At the same time, HPH Trust announced a 38.4 per cent drop in fourth-quarter earnings amid a weaker revenue and losses from associated companies.
It said attributable net profit came in at HKD237.8 million for the three months ended December 31 last year, down from HKD385.8 million from the same period a year earlier, according to Singapore's Business Times.
During the quarter, revenue dipped 3.4 per cent to HKD2.86 billion. The combined container throughput of Hongkong International Terminals, Cosco-HIT and Asia Container Terminals - collectively known as HPHT Kwai Tsing - inched up 0.9 per cent due to higher transshipment cargoes, although it was offset by weaker intra-Asia cargoes, the trust manager said in its earnings report.
Container throughput of Yantian International Container Terminals in Shenzhen, China, which comprises Yantian International, expanded by 10.6 per cent, driven by growth in the US and transshipment cargoes.
Average revenue per TEU for Hong Kong and China fell, given that there was a greater volume of concessions offered to certain liners, as well as certain revisions on tariffs following the mergers and acquisitions of some liners.
In addition, China's average revenue per TEU was also adversely impacted by higher transshipment mix, but partially offset by appreciation in the Chinese yuan.
Hong Kong nets 6,000 fake designer accessories from China shipping container
Customs officers in Hong Kong have netted 5,000 fake designer handbags and 1,000 counterfeit wallets, with an estimated market value of HK$850,000 (US$110,000), from a shipping container that arrived from China on its way to Chile.
The Customs and Excise Department found the fake designer merchandise during an inspection of the container sent from Huangpu, Guangdong province at the Customs Cargo Examination Compound in Tuen Mun, reported SCMP.
In Hong Kong importing or exporting any goods with a forged trademark carries a maximum penalty of a five-year prison sentence and a HK$500,000 fine.
In a separate incident, customs officers arrested four men aged between 31 and 59 in connection with the seizure of 32,000 pirated DVDs and pornographic DVDs with an estimated street value of HK$900,000 from four shops during an anti-piracy operation in Yau Ma Tei and Mong Kok.
"Customs has been carrying out stringent enforcement actions against the sales of infringing goods and will continue to step up patrols and enforcement actions against piracy activities during the Lunar New Year holidays," an official said.
Eurogate's 2017 container traffic totals 14.4 million TEU
Terminal operator Eurogate handled 14.4 million TEU in 2017 across its 12 locations in and around Europe, with the volume of intermodal containers rising by 5.2 per cent to one million TEU.
Its container terminals in Bremerhaven, Germany recorded throughput of 5.5 million TEU, on par with 2016 results, after the mergers of several large shipping positively impacted results in the second half of the year, reported London's Port Technology.
The German company's container terminal at Wilhelmshaven recorded double-digit growth for the second straight year, with throughput up 15.1 per cent year on year. This terminal had also benefited from the realignment of the shipping alliances.
A newly opened terminal based in Limassol, Cyprus handled 345,000 TEU in its first year of operation.
However, Eurogate's Hamburg container terminal suffered a 25.6 per cent decline in 2017 handling volumes to 1.7 million TEU. The decrease was attributed to the restructuring of major shipping alliances, which led to the loss of ocean liner customers.
Commenting on the results, chairman Michael Blach said: "Although 2017 was a good year, the year-end results have shown that it has become generally more difficult to generate sustained positive earnings and defend our market position."
(Source:HKSG-GROUP)
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