COSCO Flags Risks from Oil Price, Trade Dispute as Profit Halves

SHANGHAI, March 29 (Reuters) - China's COSCO Shipping Holdings Co Ltd said trade frictions and high oil prices pose risks for the global shipping industry this year, after confirming on Friday that its net profit for 2018 fell by more than half. The state-owned company, the world's third largest container shipping line, said net profit attributable to shareholders slid 53.8 … [Read more...]

Blackstone, KKR Said to Pursue $1 Billion Container Terminal in Long Beach

By Gillian Tan and Vinicy Chan (Bloomberg) -- Cosco Shipping Holdings Co.’s sale of a container terminal in Long Beach, California has drawn interest from potential buyers including Blackstone Group LP and KKR & Co., people familiar with the matter said. EQT Partners and an arm of Macquarie Group Ltd. have also been studying a deal for the asset, the people said, asking … [Read more...]

China’s COSCO Shipping Considers London Listing – Sources

By Jonathan Saul LONDON, Dec 7 (Reuters) - China's largest shipping group, COSCO Shipping, is considering raising capital for the first time on the London Stock Exchange through a new initiative with Shanghai's bourse, two finance sources familiar with the matter said. The Shanghai-London Stock Connect will enable Chinese companies to raise fresh money on the LSE … [Read more...]

Profit Falls 98 Percent For Cosco

by Brenda Goh (Reuters) - China’s COSCO Shipping Holdings Co Ltd on Thursday said first-half profits fell 97.8 percent as it grappled with higher costs and a slide in freight rates. China’s largest shipping group, which has bought a Hong Kong peer to become the world’s third-largest container liner, said January-June net profit was 40.8 million yuan ($6 million), down from … [Read more...]

COSCO Upbeat on OOCL Despite $73 Million Loss in First Half

By Mike Wackett (The Loadstar) - Orient Overseas International (OOIL) suffered a loss of $73m in its OOCL container business in the first six months of the year, following a profit of $24.5m in the same period of 2017. H1 turnover was $3.1bn, versus $2.8bn the year before, earned from liftings which had increased by 6% to 3.3m teu. But increased costs hit the bottom … [Read more...]