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.
 

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

People & Company News

Matson Announces Quarterly Dividend

Matson, Inc. declared a first quarter dividend of $0.17 per common share, the company’s board of directors announced. The dividend will be paid on March 5, 2015

Hogan Named VP at Newport News Shipbuilding

Rob Hogan has been appointed vice president of manufacturing at the Newport News Shipbuilding division of Huntington Ingalls Industries (HII), the company announced.

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

Shipbuilding

Hogan Named VP at Newport News Shipbuilding

Rob Hogan has been appointed vice president of manufacturing at the Newport News Shipbuilding division of Huntington Ingalls Industries (HII), the company announced.

Wärtsilä to Power LNG-fueled RoPax Ferry

A ferry being built for Sweden’s Rederi AB Gotland will be fueled by LNG, featuring a Wärtsilä integrated solution which includes a complete LNG powered propulsion- and fuel storage and supply system,

Safeguarding Maritime Power Connections

KIRK interlocking products provide safe electrical access during cold ironing, ensuring that ship power cables are properly coupled to shore power junction boxes before energizing.

Bulk Carrier Trends

Baltic Sea Freight Index Falls to Lowest Level Since 1986

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three

Pacifica Rolls Out New Container Vessel

Pacifica Shipping, New Zealand's coastal shipping company, is launching a new container vessel from March replacing a smaller vessel whose charter has ended, reports The Stuff.

Shipping Pollution Will Skyrocket -Study

International freight volumes will grow fourfold by 2050 while the average length of haul will increase by 12 percent over that time, trends that will cause a spike

Finance

Matson Announces Quarterly Dividend

Matson, Inc. declared a first quarter dividend of $0.17 per common share, the company’s board of directors announced. The dividend will be paid on March 5, 2015

Kirby Reports Record Earnings

Kirby Corporation announced record net earnings of $68.1 million, or $1.19 per share, for the fourth quarter 2014 (ended December 31). The results bested 2013’s fourth quarter figures of $64.

Baltic Sea Freight Index Falls to Lowest Level Since 1986

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Sonar
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: 0.1398 sec (7 req/sec)