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Cosco Shipping sees return to the black in Q1

Cosco Shipping sees return to the black in Q1
More good news is slipping out of the China market with giant Cosco Shipping Holdings giving a positive profit outlook.

The group said in a stock market announcement that it is expected to turn to a net profit for the first quarter from a net loss in the previous corresponding period.

Cosco Shipping said it expects a net profit of approximately RMB260m ($37.6m) compared to net loss of approximately RMB4.48bn in the same period of last year.

Cosco Shipping said it benefitted from the "firmly recovering market and integration synergies", which kept overall operations remain positive. It added that the container shipping market also "mildly recovered", and the average China Containerized Freight Index (CCFI) had risen 12% to 825.3 points,

In addition, Cosco Shipping also said it managed to achieve higher average container freight rates as well as roughly a 54% rise in volumes.