COSCO Holdings Company Limited has posted a third quarter net loss of US$267.5 million on 19 per cent lower revenue of $2.21 billion, compared to the same period a year earlier.
Cosco posts Q3 loss of US$267.5 million on back of low freight ratesCOSCO Holdings Company Limited has posted a third quarter net loss of US$267.5 million on 19 per cent lower revenue of $2.21 billion, compared to the same period a year earlier.
The negative financial result is mainly due to the sharp drop in the container freight rates and unfavourable situation on the market of transportation of bulk cargoes, reported Maritime News.
Third quarter container volumes rose by 0.5 per cent year on year to 2.49 million TEU, while the bulk fleet transported 38.8 million tonnes, down 7.4 per cent. The group's container terminals handled a total of 17.65 million TEU, which is 0.3 per cent higher than the same period a year ago.
In the first nine months of the year net profit amounted to $29.51 million, compared to loss of $102.66 million in same period last year. During this period, Cosco's container volume rose 4.18 per cent year on year to 7.28 million TEU, while the container terminals handled 51.48 million TEU, up 2.8 per cent.