Cosco Predicts Loss

Singapore-listed Cosco Corporation Limited, an investment holding company, engaged in ship building, marine engineering and dry bulk shipping, expects to post a net loss in its consolidated financial results for the second half of 2015.

The announcement follows Cosco’s reported decrease of 94% in net profit for the quarter ending March 31, 2015 worth SGD 0.8m, as operating conditions continued to deteriorate.

Cosco said in its profit guidance that the expected net loss is mainly attributable to the low crude oil prices over recent months which has had an adverse impact on the global offshore marine industry.

Furthermore, the poor results stemming from the languid dry bulk shipping market have brought great pressures to the company’s dry bulk fleet operations, Cosco said.

The company’s turnover from dry bulk shipping and other businesses fell 12% to SGD 10 million on lower charter rates in the first quarter.

As the slump in the shipbuilding market resumed in the second quarter of the year, Cosco’s shipyards were negatively impacted pushing earnings further down.

Cosco said that further details of the company’s financial performance will be disclosed in its 2Q 2015 results, which are scheduled to be released on 31 July 2015.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >