China Cosco Holdings triples loss in first quarter to US$423 million

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CHINA COSCO Holdings tripled its first quarter loss of CNY2.7 billion (US$423 million) compared to the CNY502 million Asia's biggest shipping company lost in the same period last year.

In a filing to the Hong Kong stock exchange, the company said revenues fell 4.5 per cent as the container freight rates sunk below profitable levels.

"For the first quarter, shipping volume of the container shipping business of the group reached 1,748,677 TEU, representing an increase of 19 per cent over the same period last year, and total revenue of the container shipping business and the total revenue of the container shipping business increased by two per cent to CNY8.4 billion."

Container shipping volumes were up 19 per cent overall. To China, volumes increased 24 per cent to 366,215 TEU. In the transpacific, box throughput was up 21.1 per cent to 337,961 TEU, and in Asia-Europe, up 21.3 per cent to 328,588 TEU. Volumes also increased 9.3 per cent to 378,668 TEU in Cosco's intra-Asia trade. Other international box shipping, including the transatlantic trade, was up 36.8 per cent to 51,618 TEU

Container revenues did not do as well: 8.9 per cent up to CNY2.8 billion in the transpacific trade, 9.8 per cent down to CNY2.4 billion on the Asia-Europe trade and 2.9 per cent down on Intra Asia to CNY378,668.

Cosco operates a fleet of 159 containerships with a capacity of 693,627 TEU. The company has 30 containerships on order with a combined capacity of 217,984 TEU

Shipping Gazette - Daily Shipping News
 

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