China Cosco Holdings Ltd. Chairman Wei Jiafu warned Wednesday of oversupply in the global dry bulk shipping market, adding the shipping giant has no plans to buy more dry bulk ships for now, The Wall Street Journal reports.
Wei said at a news conference the company will take delivery of 18 dry bulk vessels between 2011 and 2014 that it ordered earlier, with a total capacity of 2.67 million deadweight tons. Capital spending on the 18 ships amounts to around CNY4.6 billion, Cosco said.
As of December 2010, the firm's owned dry bulk capacity was 17.89 million deadweight tons, he said.
China Cosco, the listed flagship of state-owned China Ocean Shipping (Group) Co., has businesses ranging from dry-bulk shipping, container shipping, port operations, and container construction to cargo and shipping agency operations.
The company said Tuesday it swung to a 2010 net profit of CNY6.86 billion from a net loss of CNY7.47 billion a year earlier, as energy-related bulk and container shipping volume recovered from the global financial crisis.
Wei said at a news conference the company will take delivery of 18 dry bulk vessels between 2011 and 2014 that it ordered earlier, with a total capacity of 2.67 million deadweight tons. Capital spending on the 18 ships amounts to around CNY4.6 billion, Cosco said.
As of December 2010, the firm's owned dry bulk capacity was 17.89 million deadweight tons, he said.
China Cosco, the listed flagship of state-owned China Ocean Shipping (Group) Co., has businesses ranging from dry-bulk shipping, container shipping, port operations, and container construction to cargo and shipping agency operations.
The company said Tuesday it swung to a 2010 net profit of CNY6.86 billion from a net loss of CNY7.47 billion a year earlier, as energy-related bulk and container shipping volume recovered from the global financial crisis.