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.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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