Post by HardTimeTrucker on Aug 28, 2008 18:24:11 GMT -5
Cosco profits double
August 28, 2008
The JOURNAL of COMMERCE
Strong growth in bulk shipping as well as the domestic and intra-Asia trades helped China Ocean Shipping Co. double its profits in the first half of the year.
In an earnings statement, Cosco reported a 109.2-percent increase in profits to 15.12 billion yuan ($2.2 billion) in the first six months of the year. Operating revenue climbed 47.6 percent to $10.3 billion.
Cosco’s performance in the dry bulk sector was especially strong as its freight rates increased 80 percent. Cosco also outperformed many other carriers in the liner sector due to its growth in the domestic China and intra-Asia markets.
In the statement, Cosco said it will build upon its development in the Chinese market but will also continue to grow globally.