China COSCO Holdings swings back into profit

China COSCO Holdings, the country's top shipping conglomerate, reversed losses to post a slightly better than expected net profit in the second half of 2010.


China COSCO reported a net profit of 3.41 billion yuan ($519.4 million) from July to December. China COSCO reversed a loss of 2.87 billion yuan in the second half of 2009. For full year in 2010, the carrier earned 6.86 billion yuan versus its worse-ever loss of 7.47 billion yuan in 2009. "The container shipping market is expected to maintain its equilibrium due to the increase of cargo volume and reasonable management of delivery of carriers," it said in a filing to the Hong Kong stock exchange. But dry bulk shipping capacity was expected to rise by about 14 percent this year, higher than an estimated 6 percent growth in global shipping volume of major dry bulk cargoes, which may affect dry bulk shipping rates, it added.
(Source:http://www.seatrade-asia.com)