Cosco Corp warns of Q2 loss

Singapore-listed Cosco Corp said the loss is mainly due to the low crude oil prices over recent months which has had an adverse impact on the global offshore marine industry.

The company also blamed the loss on “the languid dry bulk shipping market which has brought great pressures to the company’s dry bulk fleet operations and the slump in the shipbuilding market which has negatively impacted the company’s shipyards.”

Cosco Corp is scheduled to release its second quarter results on 31 July 2015.

In the first quarter, the Chinese firm saw its profit plunged by 94% year-on-year to SGD766,000 ($574,700).