CHINA COSCO Holdings tripled its first quarter loss
of CNY2.7 billion (US$423 million) compared to the CNY502 million Asia's biggest
shipping company lost in the same period last year.
In a filing to the
Hong Kong stock exchange, the company said revenues fell 4.5 per cent as the
container freight rates sunk below profitable levels.
"For the
first quarter, shipping volume of the container shipping business of the group
reached 1,748,677 TEU, representing an increase of 19 per cent over the same
period last year, and total revenue of the container shipping business and the
total revenue of the container shipping business increased by two per cent to
CNY8.4 billion."
Container shipping volumes were up 19 per cent
overall. To China, volumes increased 24 per cent to 366,215 TEU. In the
transpacific, box throughput was up 21.1 per cent to 337,961 TEU, and in
Asia-Europe, up 21.3 per cent to 328,588 TEU. Volumes also increased 9.3 per
cent to 378,668 TEU in Cosco's intra-Asia trade. Other international box
shipping, including the transatlantic trade, was up 36.8 per cent to 51,618
TEU
Container revenues did not do as well: 8.9 per cent up to
CNY2.8 billion in the transpacific trade, 9.8 per cent down to CNY2.4 billion on
the Asia-Europe trade and 2.9 per cent down on Intra Asia to
CNY378,668.
Cosco operates a fleet of 159 containerships with a
capacity of 693,627 TEU. The company has 30 containerships on order with a
combined capacity of 217,984 TEU
WORLD SHIPPING
01 May 2012 - 08:01
China Cosco Holdings triples loss in first quarter to US$423 million
CHINA COSCO Holdings tripled its first quarter loss of CNY2.7 billion (US$423 million) compared to the CNY502 million Asia's biggest shipping company lost in the same period last year.
WORLD SHIPPING
01 May 2012 - 08:01
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