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Troubled Chinese line China Cosco continued to bleed, with first half losses widening to RMB2.28bn ($317.2m) from RMB990m previously even though it managed to raise revenue slightly to RMB32.49bn from RMB31.07bn previously.

Sarawak-based shipping conglomerate Shin Yang Shipping Corp (Syscorp) is expanding steadily, initiating services between ports in Indonesia, while also starting up operations at the new Samalaju Port in Bintulu.

Mitsui OSK Lines (MOL) is to focus on value added services as it sees no immediate prospects of a substantial upturn in shipping rates.

Kalimantan-based shipping company Capitol Nusantara Indonesia (CNI) is planning a listing this year and expects to raise around $25m, although pricing or total proceeds details have not been finalised, according to local media reports.

China's Guangxi-based CSSC Xijiang Shipbuilding has inked an order to build five LNG-diesel multipurpose dry cargo vessels for Beijing-based Dragon Logistics.

China-based Shanghai Waigaoqiao Shipbuilding has signed a contract with Zhejing Herun Group for the construction of four 180,000 dwt dry bulk carriers.

A cargo ship carrying up to 20 seafarers is believed to have sunk in the seas off West Bengal after it was hit by cyclone Phailin, Indian officials were reported saying.

Torm's second quarter loss has dropped from $132m in 2012 to $30m this year. On an EBITDA basis, Torm gained $25m, reversing a $23m loss in the same period last year.

Cosco China has warned that it is expected to post a loss for the first half ended 30 June 2013 based on preliminary estimates. However, Cosco expects that the loss will be reduced by approximately 70% to 85% compared to the same period last year.

Indonesia-based Seroja Investments has issued a profit warning for the first quarter ended 31 March 2013 due mainly to low shipping freight rates and higher operating costs.

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