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...]

U.S. Questions COSCO’s Takeover of Long Beach Terminal -Report

(Reuters) - A U.S. national security review has raised concerns about a takeover by China's COSCO Shipping Holdings Co of a large container terminal in Long Beach, California, the Wall Street Journal reported on Friday. The terminal is part of COSCO's planned $6.3 billion deal to buy shipping firm Orient Overseas International Ltd (OOIL) , the Journal reported, citing people … [Read more...]