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

People & Company News

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

Union Vows More Channel Tunnel Disruption

Ferry workers will disrupt traffic through the sub-sea Channel tunnel between France and Britain for 48 hours from midday on Thursday, a union official said. "We

Statoil to Suspend Saipem Rig Contract

Norwegian oil major Statoil said on Wednesday it will suspend a rig contract with Italy's Saipem due to overcapacity in its rig portfolio. The suspension of

Shipbuilding

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

TUI Cruises Orders 2 More Ships from Meyer Turku

Meyer Turku to build Mein Schiff 7 and 8 for TUI Cruises  TUI Cruises GmbH and Meyer Turku Oy signed an agreement for the construction of two new cruise ships,

Oranjewerf Ship Repair becomes Damen Shiprepair Oranjewerf

On 1 July 2015, Oranjewerf Ship Repair, which joined Damen Shipyards Group in 1989, will officially change its name to Damen Shiprepair Oranjewerf. This name

Bulk Carrier Trends

COSCO Receives Fund for Fleet Renewal

China COSCO Holdings Co Ltd says it has received ship scrapping subsidies for about 3.96 billion yuan ($638.71 million).    It came through China Ocean Shipping,

Shipping Confidence at 7-year Low -Survey

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years,

Hyundai Sees Mega Ships Leading Global Demand

As the demand for mega vessels has increased, Hyundai Heavy Industries Co. expects mega- sized container ships to lead global orders until early next year as shipping

Finance

Bahri to Buy Five More Oil Tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the

Union Vows More Channel Tunnel Disruption

Ferry workers will disrupt traffic through the sub-sea Channel tunnel between France and Britain for 48 hours from midday on Thursday, a union official said. "We

Transnet Awards Bid for Cape Town Cruise Terminal

Transnet National Ports Authority awarded the V&A Waterfront (Pty) Ltd the status of Preferred Bidder for the development of a cruise terminal at the Port of Cape Town, Transnet said on Tuesday.

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1378 sec (7 req/sec)