Cosco to Grow Offshore and Shipbuilding Business
Cosco Corp. Singapore Ltd. aims to draw one third of its business each from ship repairs and conversion, new shipbuilding and offshore marine engineering services. The three key businesses contribute $481.2m or 91 percent of the company's $528.8m revenue during the January to March quarter, Energy Current reported. Of the total revenue from the three key business segments, 21 per cent comes from ship repairs contracts, half of its 42 per cent share last year. The smaller revenue share from ship repairs business is in line with Cosco's move to secure higher value contracts in new shipbuilding and offshore marine engineering services, Cosco Vice Chairman and President Ji Hai Sheng said during a press briefing in .
Singapore To Hold International Bunkering Conference
The 12th Singapore International Bunkering Conference (SIBCON) 2002, to be held from September 26-28, 2002 at the Shangri-La, Singapore, will be officially opened by Mr Khaw Boon Wan, Senior Minister of State for Transport, and Information, Communications & the Arts on 26 Sep 2002. Khaw would also be delivering the opening address for the ceremony. This biennial event will bring together some 25 maritime and marine fuel experts from around the world to speak on the latest international trends and developments in bunkering, and the challenges facing the industry. They represent the oil majors, shipping lines, bunker traders, bunker suppliers, and classification societies.
Cosco 1H Net Jumps 66%
COSCO Investment (Singapore) Ltd. posted a 66 percent jump in first-half net profit to S$9.25 million ($5.27 million) on greater margins from bulk shipping and its container feeder service operations. But turnover fell 10 percent to S$78 million due mainly to the scaling down of its trading activities. Singapore-listed COSCO, a unit of China's COSCO Group, said it expected its performance in the second half to be comparable to the first as all of its business units were expected to remain profitable except for property. G.K. Goh analyst Masya Spek told reporters after the company's news conference that COSCO's shipping business performed within expectations but general trading was stronger than anticipated. "I didn't expect them to do so much general trading.
