Shanghai: China’s A-share listed shipping companies suffered a massive interim collective loss of RMB7.8bn ($1.2bn) in the first half of 2012, according to data from the 21st Century Business Herald, with the flagship of the Cosco Group accounting for around 60% of the red ink. Analysts expect the tough times to continue throughout this year.
Only four companies of the 13 made a profit, including Cosco Shipping Co Ltd and China Merchants Energy Shipping Co Ltd.
China Cosco Holding Co Ltd lost a whopping RMB4.87bn yuan in the first half of 2012, with Q3 already flagged as a likely big disappointment. [13/09/12]