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Cosco continues to struggle in Q1

China shipping behemoth China Cosco continued to struggle in the first quarter turning in a net loss of RMB1.88bn ($300m) although this was a slight improvement from the RMB1.99bn loss incurred in the preceding quarter. Revenue however fell to RMB14.21bn from RMB15.24bn.

Vincent Wee, Hong Kong and South East Asia Correspondent

April 30, 2014

1 Min Read
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Reflecting general market conditions, while container volume rose 7.2% to 2.08m teu, revenue stayed relatively flat, rising just 1.77% to RMB10.01bn.

The group's dry bulk shipping business continued to struggle, seeing volume fall 24.8% to  42.01m tons. China's slowing economy clearly had a significant impact on business as volumes on international routes for traditional industrial commodities were the hardest hit.

Volumes on international routes fell 27.4% to 34.3m tons. Coal volumes fell 28.1% to 16.3m tons while shipments of metallic ores fell 33.1% to 15.3m tons. As a result overall ton miles fell by almost a quarter to 202.5m.

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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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