The bank cut this year’s revenue outlook for its bulk-shipping unit by 15%, and by 21% and 16% for 2013 and 2014 respectively and forecast higher than expected losses.
The first-half net loss at Cosco’s bulk-shipping unit widened to RMB3.4bn ($539.3m), according to its results released last week. HSBC said the only bright spot it saw was a lowering of of lease rates as Cosco likely renegotiated rates for its chartered-in vessels.
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