COSCO Group (Singapore) Report Decline in Bulk Shipping, Shipyard Revenue in Q1

Press Release
Wednesday, May 09, 2012

Cosco Corporation (Singapore) reports turnover down slightly due to decline in dry bulk shipping & shipyard revenues in first quarter of 2012

Overview of the report is as follows:

Against the backdrop of a difficult business environment, the Group achieved turnover of $978.7 million with a net profit attributable to equity holders of $27.8 million.

Group turnover inched down 3.2% to $978.7 million in Q1 2012 from $1.0 billion in Q1 2011 due to a decline in dry bulk shipping and shipyard revenue.

Turnover from shipyard operations decreased marginally by 2.5% to $965.9 million in Q1 2012 from $990.2 million in Q1 2011 mainly due to lower revenue contributions from ship repair and ship building segments which more than offset the growth in revenue from marine engineering segments.

The Group successfully delivered 12 dry bulk carriers in the 1st quarter of 2012. Of these, COSCO Guangdong shipyard delivered 3 bulk carriers, COSCO Zhoushan shipyard delivered 5 bulk carriers and COSCO Dalian shipyard delivered 4 bulk carriers. I

In addition, COSCO Nantong shipyard delivered the Sevan Brasil, a cylindrical drilling unit, and a shuttle tanker.

Turnover from dry bulk shipping and other businesses decreased 37.6% to $12.8 million in Q1 2012 from $20.5 million in Q1 2011 as the current short-term charter rates were significantly lower than the more favorable charter rates received in Q1 2011.

Ship repair, ship building and marine engineering business continued to contribute to the bulk of the Group’s revenue, constituting 98.7% of Group turnover in Q1 2012. Dry bulk shipping and other businesses accounted for the remaining 1.3%.

Gross profit decreased by 11.8% from $112.0 million in Q1 2011 to $98.8 million in Q1 2012 mainly due to lower dry bulk shipping income as a result of lower BDI and lower shipyard revenue.
 

Maritime Today


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

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

People & Company News

Kemp Joins PMSA as Vice President

The Pacific Merchant Shipping Association (PMSA) announced the hire of Carl Kemp as a Vice President based in the organization’s Long Beach office.    Kemp brings

FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect

Sill Reinforcements Complete in New Panama Canal Locks

The Panama Canal Authority (ACP) announced that sill reinforcements in the new locks have been completed this week, bringing the Panama Canal Expansion closer to inauguration.

Shipbuilding

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Damen Builds Cable Installer For Maersk Supply Service

New Damen-built vessel for Maersk Supply Service to undertake long-term charter with DeepOcean   A newbuild DP2 cable installation vessel, Maersk Connector, was

Bulk Carrier Trends

Baltic Index Records New Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low for the ninth straight

Dry-Bulk Shipping: Hitting the Bottom

Dry bulk shipping companies being hit the hardest on account of the deteriorating business climate are likely to be swept by a new wave of bankruptcies, reports Nikkei.

Diana Shipping to Acquire Three Panamax Ships

Diana Shipping Inc. has signed, through three separate wholly-owned subsidiaries, three Memoranda of Agreement to acquire from a related party three Panamax vessels

Finance

FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect

COSCO Also Eyes Greek Train Network

China's COSCO already the sole bidder for Greece's Piraeus Port. Buying both would give COSCO a European transhipment hub. China's COSCO is expected to make

Asia-Europe Box Rates Down 8 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 8.1 percent to $431 per 20-foot container (TEU) in the week ended on Friday,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction 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: 0.2619 sec (4 req/sec)