Cosco Holdings expects net loss for 2009

China Cosco Holdings said it is expected to swing to a net loss in full year 2009 as the global financial crisis hit the shipping market and pushed down freight rates, Dow Jones reported.
The shipping giant posted a net profit US$1.59 billion in 2008.
China Cosco, the listed flagship of state-owned China Ocean Shipping (Group) Co, has diversified businesses ranging from dry-bulk shipping, container shipping, port operation and container construction to cargo and shipping-agency operations.