COSCO Turnover Down on Most Fronts in Q2 2013

MarineLink.com
Friday, August 02, 2013

The Group achieved net profit attributable to equity holders of $12.0 million on turnover of $890.3 million in Q2 2013, 8.7% down on the same period last year.

Group turnover declined by 8.7% to $890.3 million in Q2 2013 from $975.3 million in Q2 2012 due to the decline in dry bulk shipping and shipyard revenue.

Turnover from shipyard operations decreased by 8.7% to $877.2 million in Q2 2013 from $960.8 million in Q2 2012 mainly due to lower revenue contribution from ship building and ship repair segments which more than offset the growth in revenue from marine engineering segment.

The Group delivered 7 bulk carriers in Q2 2013. Of these, COSCO Zhoushan shipyard delivered 4 bulk carriers, COSCO Dalian shipyard delivered 2 bulk carriers and COSCO Guangdong shipyard delivered 1 bulk carrier. In addition, COSCO Nantong shipyard delivered 2 tender rigs.

Turnover from dry bulk shipping and other businesses declined by 10.3% from $14.6 million in Q2 2012 to $13.1 million in Q2 2013 as the current short-term rates were lower than the more favorable charter rates received in Q2 2012.

Profitability
Gross profit decreased 18.4% from $117.4 million in Q2 2012 to $95.8 million in Q2 2013 mainly due to lower profit contributions from dry bulk shipping and shipyard operations.

Other income comprised gain from the disposal of scrap metal, interest income, net currency exchange gain/(loss) and others. Compared to Q2 2012, other income decreased by 53.0% to $16.0 million in Q2 2013 mainly due to lower sale value of scrap materials and an exchange loss of $10.2 million (Q2 2012: exchange loss of $1.4 million). The exchange loss of $10.2 million in Q2 2013 was mainly due to the strengthening of the Chinese Yuan against the United States Dollar.
 


People & Company News

MN100: Metal Shark Boats

The Company: Metal Shark is a leading shipbuilder specializing in the design and production of boats and ships for military, law enforcement, fire rescue, and

JSMEA to Host Smart Ship Seminar at SMM

Onboard and ashore, IoT application services, which rely on ships’ onboard equipment data, have become increasingly prevalent throughout the maritime industry.

MN100: Safety Management Systems, LLC

The Company: A leading US maritime consultancy established in 1996, SMSLLC provides practical risk mitigation solutions for vessel operators and stakeholders.

Shipbuilding

MN100: Metal Shark Boats

The Company: Metal Shark is a leading shipbuilder specializing in the design and production of boats and ships for military, law enforcement, fire rescue, and

Tough Twins: New Fireboats for Port of Long Beach

Canada based naval architect and marine engineering firm Robert Allan Ltd. is a leading designer of high-performance response vessels of many types and in particular,

IWSA to Host Wind Propulsion Forum at SMM

The International Windship Association (IWSA) will host its annual Wind Propulsion Innovation Forum at SMM2016 in Hamburg, including an extensive agenda with expert

Bulk Carrier Trends

Fednav Welcomes Innovative Ballast System at Indiana Port

Fednav Limited, the largest international bulk shipowner in Canada, welcomed to the Port of Indiana-Burns Harbor, the Federal Caribou, one of seven new oceangoing

Essar’s Vizag Port Terminal Boost Third Party Business

Post the taking over of Vishakhapatnam Port Trust’s (VPT's) Iron Ore Handling Complex (OHC) on a Build-Operate-Transfer (BOT) basis for a period of 30 years in May’ 15,

Fednav's New Bulker Features High-tech BWT System

Fednav Limited,  an  international bulk shipowner in Canada, has welcomed to the Port of Indiana – Burns Harbor, the Federal Caribou, one of seven new oceangoing

Finance

European Owners Lead in Buying Up Secondhand Tonnage

With European owners leading the pack in buying up vessels, the sale and purchase market appears to have been notably active in recent years, reveals Clarkson Research Services Limited.

Monjasa Bags Credit Facility from Société Générale

Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million.    A statement from

Hanjin Shipping to Submit Self-Rescue Plan

South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Ship Simulators 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: 0.1116 sec (9 req/sec)