Resonating the familiar woeful note among the lines, China Cosco's Q1 losses widened to RMB2.7bn ($428.8m) from RMB501.72m in the first quarter of last year as the operating environment continued to worsen, Seatrade Asia online reports. There were some signs of hope as container volume rose 19.5% to 1.75m teu but revenue was hit by the double whammy of low rates and a weaker US dollar. In yuan terms Q1 revenue rose by just 2.0% to RMB8bn although in US dollar terms, total revenue of the container shipping business rose by 6.7% to $1.28bn.
Transpac and Asia-Europe saw good volume gains of 21.1% and 21.3% respectively but rates fell 9.8% from the previous corresponding quarter for the latter.
Transpac and Asia-Europe saw good volume gains of 21.1% and 21.3% respectively but rates fell 9.8% from the previous corresponding quarter for the latter.