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Cosco Shipping sees return to the black in Q1Cosco Shipping sees return to the black in Q1

More good news is slipping out of the China market with giant Cosco Shipping Holdings giving a positive profit outlook.

Vincent Wee, Hong Kong and South East Asia Correspondent

April 10, 2017

1 Min Read
Kalyakan - stock.adobe.com

The group said in a stock market announcement that it is expected to turn to a net profit for the first quarter from a net loss in the previous corresponding period.

Cosco Shipping said it expects a net profit of approximately RMB260m ($37.6m) compared to net loss of approximately RMB4.48bn in the same period of last year.

Cosco Shipping said it benefitted from the "firmly recovering market and integration synergies", which kept overall operations remain positive. It added that the container shipping market also "mildly recovered", and the average China Containerized Freight Index (CCFI) had risen 12% to 825.3 points,

In addition, Cosco Shipping also said it managed to achieve higher average container freight rates as well as roughly a 54% rise in volumes.

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China

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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