Ningbo: China’s largest shipping company, COSCO, will enhance its financial and resource support to shipping routes to emerging markets, such as Africa, South America and Southeast Asia over the next seven years.
The company had deployed its key resources to the US and Europe previously, a contributing factor to the company suffering during the industry downturn. Ma Zehua, chairman of the company told local media, “the emerging markets have become close trade partners with China, which would supply and buy abundant products to or from China.”
Last year, the company reported an annual net loss of RMB9.56bn. [07/11/13]