China’s Cosco Group is set to post record revenues of at least $26.9bn in 2008, up 22% from the previous year, an investor relations official confirmed to Lloyd’s List.
Zhang Fushen, vice president of the largest shipping conglomerate in China, was reported by Dow Jones to have said that the growth was driven by the strong results in the first nine months last year.
Mr Zhang declined to disclose the group’s profits.
The state-owned company, with its businesses spreading from port to container, dry bulk and tanker shipping, and from shipbuilding to shipping services, posted revenue of $22bn in 2007.
Cosco operates more than 800 vessels with total capacity reaching 53m dwt.
The firm expects to achieve lower revenue in 2009, said Mr Zhang, but that China’s stimulus package would help cushion the fall.
Meanwhile, Mr Zhang also said the group was under pressure from the government to help bolster local industries, especially the ailing shipbuilding industry.
Zhang Fushen, vice president of the largest shipping conglomerate in China, was reported by Dow Jones to have said that the growth was driven by the strong results in the first nine months last year.
Mr Zhang declined to disclose the group’s profits.
The state-owned company, with its businesses spreading from port to container, dry bulk and tanker shipping, and from shipbuilding to shipping services, posted revenue of $22bn in 2007.
Cosco operates more than 800 vessels with total capacity reaching 53m dwt.
The firm expects to achieve lower revenue in 2009, said Mr Zhang, but that China’s stimulus package would help cushion the fall.
Meanwhile, Mr Zhang also said the group was under pressure from the government to help bolster local industries, especially the ailing shipbuilding industry.