Cosco Pacific (1199.HK), the shipping unit of China Ocean Shipping Group (Cosco Group), reported a net profit of US$189.9 in the first half of 2010, an 82% rise year-on-year, the Wall Street Journal reported. Total revenues rose by 40% to US$222.7 million, and port-handling throughput rose 18.7%, indicating a broader rebound in the international container shipping industry. Xu Minjie, vice chairman of Cosco, said that although there may be a slowdown in growth due to seasonally weak demand in the fourth quarter, "[t]he company’s throughput will continue to register double-digit growth in the second half." To meet rising demand the firm raised its expected capital spending to US$1.15 billion in 2010, more than double 2009 levels, and has unspecified plans for acquisitions this year.
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