China Cosco back in black
Published: Aug 26, 2010
China - China Cosco Holdings Co. has returned to profit in the first half of 2010 from recovered commodity and container rates.
The company reported a net income of 3.4 billion yuan (US$507 million) compared to a loss of 4.6 billion yuan a year earlier, Bloomberg reported.
"China is restocking iron ore and coal again and this is triggering the rise in dry-bulk rates," said Allen Wong, an analyst at Quam Ltd. in Hong Kong said.
"Container demand has been robust this year and growth may be sustained into the second-half, keeping rates at high levels."
Dry-bulk revenue jumped 51% to 16.8 billion yuan, while container volumes saw a 25% increase in the first half. Transpacific cargo volumes grew 52% with an 88% increase in revenue.
China Cosco's container terminal unit, Cosco Pacific Ltd, also saw an 82% surge in profit earlier this week due to increasing volumes.
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