COSCO Shipping Ports said it would focus on "lean operations" as challenges in the supply chain sector persist.

It said that in the face of challenges, it continued to capitalize on the synergies with the dual brands of the parent company and achieved a year-on-year growth rate of 4.1% in total throughput in the third quarter.

"Looking ahead, the Group will continue to focus on 'Lean Operations', strengthen business marketing and enhance the quality of terminal operation and efficiency; solidly promote cost reduction and increase efficiency, focusing on controlling the cost per TEU, implement cost refinement and control measures, and continue to broaden financing channels, optimize the structure of financing, and reduce the cost of capital," the subsidiary of the COSCO Shipping Group, which operates over 35 ports worldwide, said.

It added that the Group will be guided by the "14th Five-Year Plan" and will continue to explore investment and development opportunities in key hub ports in emerging markets, regional markets and third-country markets.

COSCO said it would also take the transformation and upgrading of renewable energy products in overseas countries as an opportunity to seize the new growth opportunities brought by the export of these products in the port supply chain services and strive to build a digitalized supply chain of benchmark products.

"Guided by technology, we advance the construction of smart ports, enhance the automation and intelligence of terminals, improve the comprehensive operational efficiency, and accelerate the striving to become a world-class port," it said.

For the third quarter of 2023, COSCO Shipping Ports' revenue increased by 2.7% year-on-year (YoY) to US$358.9 million.

Total throughput increased by 4.1% YoY to 35,603,127 TEU, while total throughput from subsidiaries decreased by 3.4% to 8,242,228 TEUs.

Meanwhile, for the first nine months, total throughput increased by 2.8% YoY to 100,175,999 TEUs.