Cosco Ends FY15 in the Red

By Aiswarya Lakshmi
Monday, February 15, 2016
Image: COSCO Corporation (Singapore) Limited

COSCO Corporation (Singapore) Limited has posted net losses of S$570 million for FY2015, compared with the earnings of S$20.9 million in FY2014. The company is hurt by writedown of inventory and possible non-payment by some of its customers.

 
Revenue declined 17% to S$3.5 billion for the fiscal year to December, on the back of lower revenue from marine engineering in the shipyard business, and lower charter rates in the shipping business.
 
Fourth quarter revenue fell 21 per cent to S$725.5 million while full-year revenue fell 17 per cent to S$3.5 billion.
 
The Singapore-listed Chinese shipyard said the global offshore market continued to slow down significantly with no signs of improvement, due to the weak global economy and depressed oil prices.
 
Cosco Singapore vice-chairman and president Wu Zi Heng said in a press release that the global offshore market continued to slow down significantly with no signs of improvement.
 
"Amidst persistent weakness in the state of the global economy and depressed crude oil prices, the group continues to face adverse unfavourable market conditions," he said.
 
Orders for rigs and other offshore and marine equipment have fallen sharply over the past year, as oil companies reduced spending on exploration and production amid the sharp drop in oil prices. 
 
Cosco's order book stood at US$8 billion at end-2015, but the company noted that the amount is subject to cancellation or rescheduling of orders.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Keel Laying for Russia's Second Nuclear Icebreaker

Today the Baltic Shipyard in St Petersburg (part of United Shipbuilding Corporation) laid the keel of Ural, Project 22220’s second series-produced nuclear icebreaker.

Russia: 6th Yasen-Class Nuclear Sub

Russia's sixth Yasen-class nuclear submarine will be laid down at the Sevmash ship-building company in the city of Severodvinsk on July 29, reports RIA Novosti.

NASSCO Delivers Garden State to APT

Marking its seventh ship delivery in the span of just over a year, General Dynamics NASSCO has delivered the newly built ECO Class tanker Garden State for American Petroleum Tankers.

Finance

Baltic Index Down as Rates for Large Vessels Stay Weak

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for larger vessels and supramaxes.

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

News

Cambodia Urged ASEAN to Avoid Words That Escalate Tension

Cambodia advised a grouping of South East Asian nations to avoid using words that "would escalate tension between China and the Philippines" in a weekend statement,

Technip Bags Woodside's Subsea Contract

Technip has been awarded a large(1) subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia, at a water

Keel Laying for Russia's Second Nuclear Icebreaker

Today the Baltic Shipyard in St Petersburg (part of United Shipbuilding Corporation) laid the keel of Ural, Project 22220’s second series-produced nuclear icebreaker.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0952 sec (11 req/sec)