China Cosco projects 50% higher profit in 2014

The expected profit was attributed to efforts made in lowering expenditures and boosting revenues.

In 2013, the shipowner had recorded a profit of RMB235.47m ($37.7m), a reversal from a loss of RMB9.6bn in the previous year.

Ma Zehua, chairman of the board of Cosco Group, said earlier that the group had achieved around $400m savings in fuel bills last year compared to the previous year, and lowered its overall fleet age to 10.38 years from 14.2 years.

The group is now targeting an annual profit margin of between 4% to 5.5% by 2020.