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HomeMaritime NewsRegionsAsiaChina Cosco sinks further into the red

China Cosco sinks further into the red

China Cosco sinks further into the red
Hong Kong: Resonating the familiar woeful note among the lines, China Cosco's Q1 losses widened to RMB2.7bn ($428.8m) from RMB501.72m in the first quarter of last year as the operating environment continued to worsen.

There were some signs of hope as container volume rose 19.5% to 1.75m teu but revenue was hit by the double whammy of low rates and a weaker US dollar. In yuan terms Q1 revenue rose by just 2.0%  to RMB8bn although in US dollar terms, total revenue of the container shipping business rose  by 6.7% to $1.28bn.

Transpac and Asia-Europe saw good volume gains of 21.1% and 21.3% respectively but rates fell 9.8% from the previous corresponding quarter for the latter.

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