Beijing: Cosco Group, the largest state run shipping conglomerate in China, has registered a total profit of RMB5.035bn for the year of 2014 following losses in the three previous years, Ma Zehua, chairman of the group told state run media, Xinhua.
Ma said the group made great efforts in cost control in the year, which resulted in a $400m saving in total from fuel costs.
Cosco is also optimizing its fleet through a massive fleet upgrade plan, according to Ma. The average fleet age of the group has been reduced to 10.38 years from 14.2 years in the past two years. [26/01/15]