Falling business and a gross misjudgment of freight rate movements have dealt a double blow to China's COSCO Holdings (COSCO), threatening to plunge the world's largest dry bulk carrier deep into the red.
China Cosco Holdings Co and partners will suspend a weekly Asia-East Mediterranean container-shipping service from tomorrow because of slumping demand, Lloyd's List said yesterday.
Shanghai-listed COSCO Shipping Co., Ltd. announced on Wednesday that business revenue in the first half was up 41 percent over the same 2007 period to 3.46 billion yuan (505.1 billion U.S. dollars), with net profits at 853.05 million yuan.