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COSCO pins hopes on 2010 recovery

Hong Kong: Things can only get better. That was the overriding message from China COSCO Holdings at its annual results announcement yesterday in Hong Kong. The Chinese conglomerate suffered a worst than expected second half.
COSCO made a net loss of 2.87 billion yuan ($420.4 million) during the six months ended December against a loss of 3.5 billion yuan a year earlier.
For the full year, China COSCO posted a net loss of 7.47 billion yuan, reversing a profit of 11.62 billion yuan in 2008.
Looking ahead, the line was more upbeat. "It is expected that annual average freight rates will increase significantly and liners will achieve better results of operation," the company said in a statement. "However ... the pressure on the container liner shipping market will continue." ?The dry bulk market will be better this year but will see pressure from additional capacity supply, it added. [23/04/10]


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