ContainersGreater China
China Cosco Holdings’ interims are the worst of any mainland listed firm in the past decade
Reports of the troubled merger mandated by Beijing between Cosco and China Shipping have manifested in the interim results of China Cosco Holdings, the flagship Hong Kong listing of the group.
In announcing it was RMB7.2bn ($1.08bn) in the red for the first six months, China Cosco Holdings racked up the largest interim net loss of a mainland-listed company for the last decade.
China Cosco Holdings, which is the container arm of the group, warned a turnaround was unlikely soon, noting “overall oversupply of shipping capacity will continue to plague the container shipping industry, and the market situation will remain challenging.”