China COSCO sees H1 loss amid shipping downturn

China COSCO Holdings said late on Tuesday it expected to record a first-half loss as the global recession battered the global shipping industry.
The container shipping group said its container vessel fleet and its dry bulk vessel fleet both recorded losses, although conditions for the dry bulk shipping market have started to improve.
It did not say when it would disclose the H1 results.
The company recorded a profit of 15.12 billion yuan ($2.21 billion) for the first six months of 2008 in accordance with Hong Kong accounting standards, it said.