China COSCO Dry Bulk Shipping Losses Fall Sharply

china cosco headquarters
A Chinese national flag flies in front of COSCO’s headquarters in Beijing in this August 26, 2010 file photo. (c) REUTERS/Barry Huang

reuters logoBEIJING, March 27 (Reuters) – China Cosco said losses in its main dry bulk shipping business fell sharply in 2014 and its container shipping gross profit grew amid a still subdued global shipping market.

The comments were made by the firm’s chief financial officer, Tang Runjiang, at its results briefing in Beijing on Friday.

Cosco Chairman Ma Zehua said the company was cooperating with state rival China Shipping in areas such as ports and domestic container shipping and said he had no information on how the firm might be affected by Beijing’s plans to push forward a new round of industrial consolidation.

China Cosco posted a 54 percent rise in full-year profit on Thursday, helped by government subsidies which amounted to 1.74 billion yuan. (Reporting by Beijing Newsroom and Brenda Goh; Editing by Gopakumar Warrier)

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