High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
SINGAPORE, July 30 (Reuters) – Singaporean conglomerate Keppel Corp reported a loss in the first half of 2020 due to impairments in its offshore and marine business that has been battered by low global oil prices.
Keppel posted a net loss of S$537 million ($390 million) for the six months to June, compared with a net profit of S$356 million a year ago.
The company, whose businesses range from property development to rig-building, said it incurred impairments of S$930 million during the period mostly related to its offshore and marine business.
The market is closely watching results for any breach of pre-conditions to state investor Temasek Holding’s $3 billion offer to acquire a controlling stake in the company.
($1 = 1.3753 Singapore dollars) (Reporting by Aradhana Aravindan in Singapore; Editing by Edmund Blair)
(c) Copyright Thomson Reuters 2020.
Join the 67,600 members that receive our newsletter.
Have a news tip? Let us know.