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 Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

QinetiQ Signs Contract with ASV

QinetiQ, as part of a new Marine Surface Target Service, has signed a contract with Autonomous Surface Vehicles (ASV) for the supply and operational support of autonomous surface target vessels.

GTT Wins DSME Order for 9 More Icebreaking LNGCs

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of Liquefied Natural Gas (LNG), announced

Bollinger to Build 6 More FRCs for the USCG

Bollinger Shipyards, Inc., Lockport, Louisiana, announced the award of six additional USCG Sentinel Class Fast Response Cutters (FRCs). The U. S. Coast Guard

Shipbuilding

GTT Wins DSME Order for 9 More Icebreaking LNGCs

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of Liquefied Natural Gas (LNG), announced

Volvo Penta Diesel Sterndrives for Metal Shark Patrol Boats

Metal Shark now offers Volvo Penta diesel sterndrives in its 29 Defiant patrol boats for customers requiring optimum performance, durability and maneuverability.

More VDR Orders for Danelec in China

Danelec Marine has received orders to supply Voyage Data Recorders (VDRs) and Electronic Chart Display and Information Systems (ECDIS) for 18 offshore support vessels in China.

Bulk Carrier Trends

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

Finance

Thome Is the First to Sign up to IMPA Act

Leading integrated ship management service provider Thome Ship Management has become the first ship management company to join IMPA ACT, the responsible supply chain management initiative,

Legislation Grants Funding for EU's EMSA

EU Council Adopts Regulation on EMSA Funding The European Union Council adopted a regulation yesterday to finance the actions of the European Maritime Safety

Wärtsilä to Divest its Shares in Two-stroke JV

Wärtsilä to divest its shares in QMD two-stroke joint venture Wärtsilä announced that it will divest its shares in the Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1482 sec (7 req/sec)