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.
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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July 02, 2014
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