COSCO Faces 3th Straight Year of Losses
    2013-01-29 08:51:53     CRIENGLISH.com      Web Editor: Liu Ranran
The world's largest bulk shipper, China COSCO, now faces the risk of delisting for its Shanghai A-shares if it fails to turn around in 2013.
CRI's Peter Smith talked with Mark Hughes, Executive business editor of China Daily.

 

The world's largest bulk shipper, China COSCO, now faces the risk of delisting for its Shanghai A-shares if it fails to turn around in 2013.

The shipping conglomerate posted a net loss of 10.4 billion yuan ($1.7 billion) for 2011 and is expected to record a second straight year of losses in 2012.

Hongkong-based financial service provider CLSA forecasts the company may post a net loss of 7.8 billion yuan in 2012 and a 2.4 billion yuan loss in 2013.

COSCO, controlled by state-owned China Ocean Shipping Company, operated 171 container vessels and over 300 bulk cargo vessels at the end of September last year.

Also, oil tanker operator Nanjing Tanker, whose shares have been placed under "special treatment", is likely to be the first shipping firm to face a share suspension.

The special treatment limits the daily trading movement of their shares to 5 percent, instead of the regular 10 percent.

If both shipping companies can not turn around their balance books in 2013, they will have to face delistings from the A-share market next year.

For more on China's struggling shipping industry, we now cross live to Mark Hughes, Executive business editor of China Daily.

Share

                  


CRIENGLISH.com claims the copyright of all material and information produced originally by our staff. All rights reserved. Reproduction of text for non-commercial purposes only is permitted provided that both the source and author are acknowledged and a notifying email is sent to us.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by CRI.

 
Audio Reports more »
Biz Life more »
Policy more »
Markets more »

• China
China News
Chinese Press
Diplomatic
Society
Gallery
• World
Asia-Pacific
Europe
Americas
Middle East
Africa
• Video
Traveller
Culture Heritage
Beyond Stardom
Dynamic China

Life 360
Panoramic Sports
• Radio
Highlights
Livecast
Ways to Listen
• Business
Audio
Markets
Editor's Choice
Biz Photo
Special Coverage
• Travel
Destinations
Editor's Pick
What's in
On the Road
• Showbiz
Chinese Films
Music & Stage
Art & Literature
Video
Photo Gallery
Special Coverage
• Language Learning
Ask Pingping and Jules
Chinese Studio
Elementary Chinese
Pop Charts
English News
English Snippets