China Cosco Reports $1bn Loss

25 April 2010 (Last Updated April 25th, 2010 18:30)

China Cosco Holdings has reported an annual loss of CNY7.47bn ($1.09bn) in 2009, compared to a profit of CNY11.6bn ($1.6bn) a year earlier. The shipping firm said its dry-bulk volume decreased 7.4% and container volumes dropped 9.6% due to the global economical downturn. China

China Cosco Holdings has reported an annual loss of CNY7.47bn ($1.09bn) in 2009, compared to a profit of CNY11.6bn ($1.6bn) a year earlier.

The shipping firm said its dry-bulk volume decreased 7.4% and container volumes dropped 9.6% due to the global economical downturn.

China Cosco expects its cargo-box volume to increase 8% in 2010 to 5.67 million teu.

The shipping line’s container fleet suffered a 39% decline in sales last year while volumes on transpacific routes slumped 10% and Asia-Europe cargo declined 22%.