Cosco Group loses US$1.1 billion, but sees fair weather ahead

COSCO Group has suffered a US$1.1 billion loss in 2009, drawn on revenues of $10 billion, a fall of 48.1 per cent year on year.

But the Chinese shipping giant sees recovery ahead led by trade with the developing world and a robust China market infused with stimulus spending.

"Asian regions are expected to have a stronger presence in the shipping sector in the post-financial crisis era," said a Cosco statement.

The global economic downturn was blamed for losses for the year ending December 31 with container, dry bulk and terminal operations all posting declines.

Container revenue fell 43 per cent to $3.1 billion as box volume dropped nine per cent to 5.2 million TEU. These figures excluded revenue from ships chartered to other lines.

Container volume through Cosco terminals declined 5.5 per cent to 43.55 million TEU. The company said its terminal market share stood at 6.1 per cent after it acquired stakes in six terminals last year.

Cosco had 146 containerships on December 31 totalling 561,038 TEU, an increase of 13 per cent year on year It also has an order book of 54 ships totalling 414,926 TEU as well as stakes in 28 container terminals worldwide.

(Source: www.schednet.com)