• Home
  • News
  • China Cosco net profit up to $38.3 million in 2013
  • 2014 March 28 13:00

    China Cosco net profit up to $38.3 million in 2013

    China Cosco Holdings Co. swung to a 2013 net profit with the help of asset sales, removing the risk of being delisted, though its core shipping operations will continue to suffer from soft demand for trade and global overcapacity, the company said in its press release.

    Hong Kong- and Shanghai-listed China Cosco said Thursday its net profit for the 12 months ended Dec. 31 was 235.5 million Chinese yuan ($38.3 million), according to international accounting standards. Its 2013 revenue was 66.14 billion yuan, down 3.1% from 68.27 billion yuan, because of lower freight rates.

    The listed flagship of China's biggest state-run shipping group racked up losses totaling 20 billion yuan ($3.30 billion) in 2011 and 2012, as the world's shipping market lingered in the doldrums. A third year of losses would threaten the company's listing status in Shanghai.

    The company managed to return to profitability on the back of one-off gains from a series of asset sales to Cosco's parent company. In March of last year, it unveiled plans to sell its logistics business to parent Cosco Group for $1.1 billion. That followed a decision in May by Cosco's ports unit to sell its stake in a container manufacturer to Cosco Group for $1.22 billion. In August, Cosco agreed to sell most of its stakes in two office properties in China to the state-run parent, in a deal valued at more than $600 million.

    Excluding the one-time gains, it recorded a loss of 1.30 billion yuan at operating level in 2013, narrowed from an operating loss of 8.12 billion yuan the previous year, it added.

    China Cosco's results follow a weak earnings performance reported by its smaller Chinese rival China Shipping Container Lines Co., which on Wednesday reported a 2013 net loss of 2.65 billion yuan, compared with a full-year net profit of 522.7 million yuan a year earlier.

    Earlier this month, Hong Kong-based Orient Overseas (International) Ltd. posted an 84% decline in 2013 net profit as it faces soft demand and industry overcapacity. In February, Singapore-based Neptune Orient Lines Ltd., which runs the world's seventh-biggest shipper by fleet size, said its 2013 loss narrowed to $76 million from a year-earlier loss of $412 million, aided largely by one-time gains from the sale of a building and cost cuts. The company's liner operations recorded a loss before interest and taxes of $231 million in 2013, because of weak freight rates.


2021 December 8

18:39 A robotic system intended to clean litter from the seafloor has passed its first real-life tests in Croatia
18:10 Arctic LNG 2 signs loan agreements with international banks
17:55 Eagle Bulk Shipping partners with sustainability pioneer GoodFuels to take on first biofuels
17:49 Russian Railways: Loading of export cargo bound for domestic ports grew by 7% in 11M’21
17:26 European shipowners call on Transport ministers to fix enforcement loopholes in FuelEU Maritime
17:06 Sewage from cargo ships may be legally discharged into the Baltic Sea - Gasum
16:42 Nordic Engineering supports Ship Repair, Modernization and Components Conference as its Partner
16:25 Wärtsilä thrusters to provide optimal propulsion performance for new Wind Turbine Installation Vessel
15:43 Zelenodolsk Shipyard named after A.M. Gorky lays down three sea-going tugboats of Project Т3150-ZD
15:14 Crowley announces 2050 net-zero commitment and activates key partnerships
14:55 Results of Atomflot’s summer-autumn navigation season rose from 66 to 111 icebreaker escort operations YoY
14:31 ICTSI continues to invest in Manila flagship
14:22 Parker altair® Neptune filtration system selected to provide reliable operation of Italian and US Navy vessels
13:47 Single-window concept applied at Ust-Luga – Baltiysk ferry line
13:21 Port of Long Beach opens survey on multimillion-dollar community grants
12:56 AS Tallink Grupp published its statistics for November 2021
12:32 Rosatomflot completed operation to escort ships out of the Northern Sea Route area
12:30 "K" Line and Shin Kurushima Dock get joint AIP for the concept design of Ammonia Fueled Car Carrier from ClassNK
12:09 APM Terminals Elizabeth targeting intermodal cargo
11:03 VRT Finland acquires Satamatieto Oy
10:29 ABP opens Vancouver Timber Terminal at the Port of Kings Lynn
10:10 Sea Port of Saint-Petersburg introduced unified digital system of production control
09:59 The Georgia Ports Authority to expedite 1.6M TEUs of on-terminal capacity by June
09:46 MABUX: Bunker prices may continue upward changes on Dec.8
09:28 Baltic Dry Index as of December 7
09:11 Crude oil market sees downward price correction

2021 December 7

18:15 Ernst Russ AG to acquire further shares in a Fleet Holding Company
17:59 Kuzey Star Shipyard holds steel cutting ceremony for Atomflot’s new floating dock
17:36 Stena Line expands and launches new route between Stockholm Norvik and Hanko
17:15 Boskalis consortium secures EUR 24 million research grant to advance emission-free shipping
16:45 New report highlights regional economic importance of Ports of Stockholm
16:33 LAS Admiral Panteleev of RF Navy’s Pacific Fleet started transition to Vladivostok from Indonesia after participation in ARNEX-2021
16:15 Angola starts CLOV Phase 2 project
15:50 Rosneft signed contract with Indian Oil for supplying up to 2 mln tons of crude oil to India
15:45 Strategic Marine wins additional order for new 42m Fast Crew Boat from Centus Marine
15:27 Ships of RF Navy and Egypt Navy start naval phase of Bridge of Friendship 2021 joint exercise
15:03 Wärtsilä partners with Microsoft to strengthen their Edge platform and industrialise Marine IoT
14:41 NOVATEK and RWE sign MOU on decarbonization and LNG
14:23 ABS grants Alfa Laval the marine industry’s first approval in principle for firing boilers with methanol
14:08 Nonius Engineering supports International Congress “Hydraulic Engineering Structures and Dredging” as its Sponsor
13:50 Cox Marine collaborates with clean maritime consortium to demonstrate world-first diesel-hydrogen outboard
13:22 The leading Russian supertrawler for the Russian Fishery Company has successfully inclined
12:36 Throughput of Rostov-on-Don port in 11M’2021 fell by 15%, year-on-year
12:14 Stena Line to open new daily route to Finland
11:49 Russia joins the Nairobi International Convention on the Removal of Wrecks
11:12 Exports of Sibanthracite Group to India in 2021 to total 3.5 million tonnes of coal and anthracite
11:00 Long Beach and Los Angeles keep ‘Container Dwell Fee’ on hold until Dec. 13
10:51 DSV launches Green Logistics to accelerate the green transition of the industry
10:47 Throughput of Taganrog port in 11M’2021 fell by 2% Y-o-Y
10:24 Average spot market price for Russian M100 product fell to RUB 25,252 pmt
10:06 Flag-raising ceremony held on Norvezhskoye More trawler, first serial factory ship of KMT01 design
09:45 MABUX: Global bunker indexes to turn to firm upward trend on Dec. 07
09:28 Baltic Dry Index as of December 3
09:13 Crude oil prices continue rising

2021 December 6

18:37 The Port of Bergen changes the name of the Hurtigruten terminal
18:22 Preliminary results of Volga Basin cargo traffic – 41.39 million tonnes
18:14 Equinor invests in battery storage company
17:55 ENGIE and Masdar form US$5 billion strategic alliance to drive UAE’s green hydrogen economy
17:38 Moody’s upgrades Global Ports’ rating to Ba1 with stable outlook
17:16 Solstad Offshore announces long-term contracts in Brazil