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Noatum Container Terminal Valencia’s Net Profit Rises 62% In 2017

Noatum Container Terminal Valencia’s net profit rises 62% in 2017

Source: COSCO Shipping Ports Ltd
Valencia, Spain (PortSEurope) September 12, 2018 –  Noatum Container Terminal Valencia, a subsidiary of China’s Cosco Shipping Ports Ltd, recorded a net profit of €4.7 million ($5.4 million) in 2017, up 62%. The company’s revenue grew 21% to €167 million ($193.6 million), according to data from Spain’s business register. Cosco acquired 51% of Noatum Ports for €203.5 million ($235.9 million) in June 2017, after the liberalisation of the
stowage sector at the request of the EU by the government of Mariano Rajoy, which caused a wave of demonstrations by the longshoremen in Spain. The protests led some shipping companies to divert ships to other ports in the Mediterranean and the Atlantic to avoid labour disputes in the Spanish harbours. Source: El Mercantil Valenciano Copyright (C) PortSEurope. All Rights Reserved. 2018.

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