State-backed China Cosco Holdings said the company has resolved its lease disputes with shipowners on 18 ships and a settlement will be reached soonCargonews Asia reports. “Through negotiation, consultation and communication, currently (we) have reached contract agreements with several partners involving 18 ships,” Zhang Liang, president of Cosco, told reporters last Friday.
Zhang did not revealed further details of the settlements.
Cosco has sought better terms for lease contracts signed during a shipping market boom in 2008. It decided to halt payments to several shipowners in recent weeks as charter rates plunged.
Last Thursday, Cosco posted bigger-than-expected first-half net loss of RMB2.76bn ($431.7m) compared with a RMB3.41bn net profit a year ago.
Zhang did not revealed further details of the settlements.
Cosco has sought better terms for lease contracts signed during a shipping market boom in 2008. It decided to halt payments to several shipowners in recent weeks as charter rates plunged.
Last Thursday, Cosco posted bigger-than-expected first-half net loss of RMB2.76bn ($431.7m) compared with a RMB3.41bn net profit a year ago.