Hong Kong-Based Cosco Shipping Cites Bunker Sales for 2016 Revenue Boost

Friday March 24, 2017

COSCO SHIPPING International (Hong Kong) Co., Ltd (Cosco) Thursday, in its financial results for the 2016 year, cited increased marine fuel sales as a major contributor to a 24 percent year on year increase in revenue.

Cosco reports revenues of HK$7.43 billion ($956.57 million) for the 2016 year, up from HK$5.999 billion ($772.389 million) in 2015.

Cosco's sales of marine fuel and other products totalled HK$4.767 billion ($613.641 million) in 2016, up from HK$2.78 billion ($357.893 million) in 2015.

During the year, Cosco says Sinfeng Marine Services Pte. Ltd. (Sinfeng), a wholly-owned subsidiary engaged in the supply, trading, and brokerage services of marine fuel and related products, achieved a total marine fuel products sales volume of 2,114,548 tonnes, up 84 percent year on year from 1,146,911 tonnes in 2015.

"During the year, Sinfeng adopted prudent business strategies by conducting business with reputable customers in order to establish stable and long-term business cooperation in response to the complex market environment," explains Cosco.

"For the trading and supply of marine fuel and related products, in response to the operating pressure and risks faced by shipping enterprises, Sinfeng will continue to control risk, adopt prudent business strategy, and solicit business from new customers prudently and cautiously while retaining its existing quality customers, and strived to expand its business under the premise of strict risk control."