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Bulk Carrier Shipping Market News

05 May 2013

COSCO China Shipyards Diminish Group Q1 2013 Profits

The Group achieved $9.7 million net profit on turnover of $733.0 million in Q1 2013, but shipyard & drybulk operations contributions down. In Q1 2013, turnover from shipyard operations decreased by 25.5% to $719.2 million from $965.9 million in Q1 2012, owing to lower revenue contribution from the ship repair and ship building segment. The Group delivered 7 bulk carriers in Q1 2013. Of these, COSCO Zhousan and COSCO Guangdong shipyard delivered 2 bulk carriers each while COSCO Dalian shipyard delivered 3 bulk carriers. Turnover from dry bulk shipping and other businesses increased 7.8% from $12.8 million in Q1 2012 to $13.8 million in Q1 2013.

22 Feb 2013

COSCO Turnover Down But 2012 Profitable

COSCO Group achieved net profit attributable to equity holders of $105.7 million on turnover of $3.7billion in 2012. Group turnover decreased 10.3% to $3.7 billion in 2012 from $4.2 billion in 2011 owing to a decrease in shipyard and dry bulk shipping revenue. higher profit contributions from shipyard operations. In 2012, turnover from shipyard operations decreased by 10.1% to $3.7 billion from $4.1 billion in 2011. This is due to lower revenue contribution from the ship building segment which more than offset the growth in revenue from marine engineering segment. As at 31 December 2012, the Group’s order book stood at US$6.1 billion with progressive deliveries up to 2015. This order book is subject to revision from any new or cancellation of orders that may arise.