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 Today


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

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

People & Company News

NORDEN’s Dry Cargo Head Bonderup Resigns

Ejner Bonderup, Executive Vice President and member of the Executive Management in Dampskibsselskabet NORDEN A/S, has resigned from his position to take up a position in another shipping company.

Baltic Index Up for Eighth Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its rise on Friday, for an eighth consecutive session,

Asia Tankers-VLCC Rates Expected to Soften

MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs)

Finance

Baltic Index Up for Eighth Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its rise on Friday, for an eighth consecutive session,

Asia-N.Europe Box Rates up 77 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose 77.4 percent to $1,206 per 20-foot container (TEU) in the week ended on Friday,

Euronav Share Buyback

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today announces that the Company has purchased 192,415 of its own shares on Euronext Brussels for an aggregate price of EUR 1,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Salvage Ship Electronics Ship Repair Sonar
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: 0.1451 sec (7 req/sec)