Shipping giant China Cosco Holdings will add 64 vessels to its fleet of 144 container ships this year to meet rising demand.
China's top shipping liner plans to raise its 2008 capital expenditure by 37 percent to US$3.32 billion to expand its fleet and port investments.
China Cosco’s net profits more than doubled last year, shooting up 134 percent to bring in $2.78 billion, compared with $1.14 billion in 2006.
The significant increase in profits was mainly attributable to China Cosco’s acquisition of a subsidiary owned by its parent company, Cosco Group, which owns the world's largest dry-bulk shipping fleet.
China's top shipping liner plans to raise its 2008 capital expenditure by 37 percent to US$3.32 billion to expand its fleet and port investments.
China Cosco’s net profits more than doubled last year, shooting up 134 percent to bring in $2.78 billion, compared with $1.14 billion in 2006.
The significant increase in profits was mainly attributable to China Cosco’s acquisition of a subsidiary owned by its parent company, Cosco Group, which owns the world's largest dry-bulk shipping fleet.