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China's COSCO Shipping flags first-half profit on improving market
July 6, 2017 / 10:57 AM / 2 months ago

China's COSCO Shipping flags first-half profit on improving market

A COSCO container is seen at the Noatum container terminal near Bilboa, in Santurtzi, Spain June 14, 2017. REUTERS/Vincent West

SHANGHAI (Reuters) - China’s COSCO Shipping Holdings (601919.SS) (1919.HK) expects to post a profit of around 1.85 billion yuan ($272 million) in the first half, helped by an improving shipping market.

The world’s fourth-largest container shipping line made the forecast in a stock market statement on Thursday. It recorded a loss of 7.2 billion yuan in the same period last year.

“Freight rates for container shipping operations have increased year-on-year, container volumes have grown 34.72 percent, and earnings have continued to grow from the base set in the fourth quarter of last year,” it said.

Several of the company’s peers have said in recent months that the global shipping industry is emerging from a prolonged slump. In May, French container shipping line CMA CGM posted its second straight quarterly profit.

COSCO Shipping has suspended trading in its shares since May 16, citing “material asset restructuring.”

Reporting by Brenda Goh; Editing by Mark Potter

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