Wednesday, September 12, 2012
Top tier Chinese shipping firms lost $1.2 bil in H1
China's top listed shipping companies reportedly lost a collective $1.2 billion in the first half of 2012 with second-half performance not looking to show much improvement due in part to over-capacity and rising fuel prices.
Only four of China's top 13 shipping firms turned a profit in this year's first half, including COSCO Shipping Co Ltd and China Merchants Energy Shipping Co Ltd, according to the Chinese news outlet 21st Century Business Herald.
Conversely, China COSCO Holding Co Ltd lost $770 million, a precipitous drop from its $270 million loss for the same period a year earlier.
COSCO Holdings announced at its shareholders' meeting on Aug 30 that a loss is forecast for the third quarter despite the peak shipping season being in full swing.
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