China COSCO Falls to H1 Net Loss
China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday. COSCO Shipping reported a first-half loss of 7.2 billion yuan ($1.08 billion yuan) versus a profit of 1.9 billion a year earlier, the company said in a filing to the Shanghai stock exchange. COSCO is grappling with weak global demand that has dragged down the sector. In the first quarter, it reported a net loss of 4.5 billion yuan. China COSCO is part of China Cosco Shipping Corporation (COSCOCS), a shipping giant created earlier this year from the state-driven merger of former rivals China Ocean Shipping (Group) Company and China Shipping Group.
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, the controlling shareholder of the company, for the decommissioning and upgrading of vessels. “The subsidy was recognized as non-operating income and will be included in the profit and loss of the company for the year ending 31 December 2015 to compensate the losses suffered by the company due to the advanced disassembling of the vessels,” Cosco said in a stock exchange filing. The subsidies were received by Cosco on 30 June 2015. The brief statement by Cosco, however, did not mention the period of the ship scrapping and newbuilding activities covered by the subsidy.
China Cosco's Profit Up 54%
The Shanghai-and-Hong Kong-listed flagship unit of China Ocean Shipping Group, China Cosco Holdings Co Ltd says that its 2014 net profit went up 54 percent y/y at 362.5 million Yuan ($58.37 million), on government subsidies for scrapping old tonnage. Excluding one-off gains, its loss narrowed 81% y/y to 1.4 billion Yuan due to slump in fuel costs and contraction of its chartered-in fleet, according to the company's stock filing on 27 March. China Cosco said it would have made a loss of 1.38 billion Yuan without factors such as the subsidies and money raised from a share sale. "With the market still remaining subdued, the outlook for the shipping market in 2015 is not optimistic," it said in its statement.
China's COSCO Group Returns to Profit
China Ocean Shipping Group Co (COSCO) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , had a profit of 5.04 billion yuan ($809.26 million) last year, said Ma Zehua, according to the official Xinhua news agency. Operating revenues were up 2 percent year-on-year, said Xinhua without providing a figure, while COSCO's asset to liability ratio fell 4.4 percentage points to 55.4 percent at the end of 2014. COSCO is now targeting annual profitability of between 4 and 5.5 percent by 2020, said Xinhua. On Monday, the group said it had received a $1.75 billion loan from the Export-Import Bank of China with which to buy 53 new ships.
COSCO Gets $1.75 bln Loan to Buy Ships
China Ocean Shipping (Group) Company has received a $1.75 billion loan from the Export-Import Bank of China to buy 53 new ships, which it plans to order from Chinese shipyards, the firm said on Monday. The state-backed shipping conglomerate, which controls China COSCO Holdings Co Ltd , said the ships would include oil tankers, container ships and dry-bulk vessels, which would help replace 100 vessels the firm has scrapped in the last two years. It said the agreement with China Export-Import Bank was signed on Friday. Reporting by Brenda Goh
China COSCO Turns its Financial Ship Around in 2013
China COSCO Holdings Co. Ltd, the country's largest shipper, indicates a profit turnaround in 2013 after suffering heavy losses for two consecutive years, reports Xinhau. According to COSCO's earlier, 2013, financial report, the Shanghai-listed company made cutting operational costs a major task for 2013. The Group carried out various measures to overcome the difficulties, including the disposal of its interest in COSCO Logistics and COSCO Container Industries and stringent cost control.
COSCO Holdings to Build 46 Ships with $2.7b
Hong Kong-listed shipping company COSCO Holdings Co. Ltd. (SEHK: 1919 and SHSE: 780919) plans to build 46 ships with a total of $2.7b. The company is expected to have a fleet with 39 million deadweight tons in 2010. It is mainly engaged in bulk cargo transport under the wing of China Ocean Shipping (Group) Co. (COSCO), one of the five biggest shipping conglomerates in the country. Recently, COSCO Holdings announced that it would purchase the parent interests in its three subsidiaries COSCO Bulk Carrier Co., Ltd., Qingdao Ocean Shipping Co., Ltd., Shenzhen Ocean Shipping Co., Ltd. The purchase is still subject to the temporary shareholder meeting to be held by the Hong Kong-listed company on October 23.
COSCO to Build $517m Container Ships
Reuters reported that China COSCO Holdings Co. Ltd. would spend $516.8m to build eight container ships. Each ship would be able to carry the equivalent of 5,100 20-ft. containers. The company said in a statement that Jiangnan Shipyard (Group) Co. Ltd., a unit of China State Shipbuilding Corp. Ltd., would build the ships. The first two would be delivered on June 30, 2009 and the other six would be delivered in pairs in October 2009, February 2010 and June 2010.
