COSCO issues profit warning for 2012

Ocean

Monday, January 28, 2013

China COSCO Holdings Co. Ltd. has issued a profit warning , stating it expects "to record a significant net loss" for 2012 in contrast to its profit of 10.4 billion Chinese yuan renminbi ($1.7 billion) in 2011. In a statement issued to the Hong Kong Stock Exchange, COSCO said the expected loss "is primarily due to the imbalance between supply and demand in the international shipping market. Although the freight rates in the container shipping market had rebound...

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