Cosco shipbuilding Singapore issues profit warning for 2008

SHIPOWNERS' pleas to defer payments for ships being built has prompted Cosco Corp Singapore Ltd to issue a profit warning that its 2008 earnings will be fall short of the S$336.6 million (US$234 million) record set last year.

That, plus higher costs from over-budget ships being built will also cut earnings, said the company.

Cosco Corp Singapore shares have fallen 83 per cent in the course of the year, making it the worst performer in the 30-member Straits Times Index, reported Newark's Journal of Commerce.

Earlier, Cosco said European and Asian carriers had asked for delivery delays on seven bulkers, and earlier last month an unidentified customer cancelled orders for two bulk carriers and asked for delays on three ships, news services reported.

Source: Portnews