Cosco Shipping Energy first nine months profit down 16% on weak rates

Cosco Shipping Energy Transportation saw its performance slip in the first nine months of the year due to weak rates, the company said in a stock market announcement.

Excluding exceptional gains from the disposal of its dry bulk cargo business in the middle of last year, net profit for the year-to-date still slid 16% to RMB1.25bn ($188.5m) mainly due to a year-on-year decrease of approximately 40% to 60% in the daily rates for its vessels trading in the international market.

The group made a net gain of about RMB730m from the disposal of the dry bulk business in June last year.

Posted 31 October 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Vincent Wee

Asia Editor, Seatrade Maritime News

Read more stories like this...

Sign up to the Seatrade Maritime Newsletter and get stories like this delivered to your inbox.

Subscribe Now >