COSCO Turnover Down But 2012 Profitable

Press Release
Friday, February 22, 2013

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. However, Gross profit increased 27.3% from $380.8 milli on in 2011 to $484.9 million in 2012 mainly due to
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.

New orders received in 2012 amounting to US$2.0 billion include 1 FPSO, 1 wind turbine installation vessel, 1 jack-up drilling rig, 1 jack-up barge, 1 tender rig, 1 semi-submersible accommodation vessel, 1 semi-submersible accommodation rig, 2 pipelay heavylift offshore construction vessels, 2 tender barges, 5 bulk carriers and 8 platform supply vessels.

As the Group continues construction in 2013 on new ship building contracts that were secured in 2010 to 2012 at low contract values due to the slumping bulk carrier shipping market then, the Group expects operating margins on these new shipbuilding
projects to continue to be under great pressure notwithstanding improving gains in efficiency and productivity.
 



 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

26-year Jail Term Sought for Concordia Master

An Italian prosecutor asked a court on Monday to sentence the captain of the Costa Concordia cruise liner to more than 26 years in jail for his role in the 2012 disaster that killed 32 people.

Boost for Offshore Wind Energy

As part of President Obama’s Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior

Coast Guard Cutter William Trump Commissioned

The Coast Guard Cutter William Trump was commissioned during a ceremony at Coast Guard Sector Key West Saturday Jan. 24, 2015. The Trump is the 11th fast response cutter in the Coast Guard fleet.

Finance

Gypsy Moth Clause Takes Balanced Approach to Risk

A new BIMCO clause provides a simple, practical and commercial solution focusing on the basic obligations and responsibilities of owners and charterers when dealing with the Asian Gypsy Moth (AGM).

Maersk Line Gets new AEO number

Maersk Line has been re-certified as an Authorised Economic Operator (AEO) with the AEO-F, the highest achievable accreditation in the European Union programme.

Batangas Port Sets Container Record

Batangas Container Terminal (BCT) set a new record in 2014 for containers handled, says its operator Asian Terminals, Inc. (ATI).  Port handled over 98,000 twenty-foot-equivalent

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1441 sec (7 req/sec)