Hutchison Port Holdings Trust saw its net profit rocket 141% year-on-year in the first half of the year to US$210.5 million as Yantian International Container Terminal’s (YICT) throughput increased by 21% compared to the same period in 2020, primarily driven by the increase in the US, EU, empty and transshipment cargoes.
The Singapore-listed trust, which has terminals in Hong Kong and southern China in its portfolio, said on 26 July that average revenue per TEU also increased, mainly because of higher storage income. Subsidies given by the Chinese government to alleviate the impact of Covid-19 also helped to cut HPH Trust’s operating costs.
In H1 2021, throughput at HPHT Kwai Tsing and YICT benefited from a global economic rebound from the pandemic-induced downturn, particularly for exports to the US and Europe.
Cargo volumes increased amid severely disrupted global supply chains and a partial shutdown of YICT in late May/early June after several stevedores contracted Covid-19.
HPH Trust, now headed by recently appointed CEO Ivor Chow, said, “While continued economic growth in the US and Europe is expected to underpin demand in the second half of the year, the speed at which supply chain disruptions can be resolved is an uncertainty for the business as productivity at our terminals could be negatively affected by supply chain induced delays in moving containers through our facilities.”