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

People & Company News

British Queen to Name New Ship

Queen Elizabeth II will christen P&O Cruises’ new flagship Britannia in Southampton, England, on March 10. She will be accompanied by her husband, Prince Philip, the Duke of Edinburgh.

Zamakona Yards' Commitment to Well-being

Recently employees of Zamakona Yards participated in a training course for maintaining Health, Safety and Environment (HSE). The theoretical practice focused on working at heights,

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

Shipbuilding

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

Zamakona Yards' Commitment to Well-being

Recently employees of Zamakona Yards participated in a training course for maintaining Health, Safety and Environment (HSE). The theoretical practice focused on working at heights,

Ferus Smit to Launch Newbuild Bulker

Ferus Smit will launch newbuild bulk carrier Arklow Breeze on Friday, March 20 at Westerbroek.   Arklow Breeze is the sixth and last vessel of a series to be

Bulk Carrier Trends

Jinhui Shipping Plummets to Loss

Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015.   Dry bulk shipping market Environment

Berenberg in $1.1bln Box Bid

The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector.   A report appeared

“Jag Arjun” Delivered to Buyers

The Great Eastern Shipping Company Ltd. (G E Shipping) delivered its 1996-built Capesize Dry Bulk Carrier “Jag Arjun” (164,796 dwt) to the buyers on 26th February, 2015.

Finance

Indian Ports to Set Sail on Corporatization

Indian Finance Minister Arun Jaitley said in Union Budget 2015 that government-run ports in India will be encouraged to corporatize and become companies under the Companies Act.

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage 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: 0.2504 sec (4 req/sec)