{"id":136109,"date":"2016-08-29T09:03:18","date_gmt":"2016-08-29T06:03:18","guid":{"rendered":"https:\/\/maritimes.gr\/china-cosco-suffers-record-loss-even-as-dry-bulk-shipping-stabilizes\/"},"modified":"2016-08-29T09:03:18","modified_gmt":"2016-08-29T06:03:18","slug":"china-cosco-suffers-record-loss-even-as-dry-bulk-shipping-stabilizes","status":"publish","type":"post","link":"https:\/\/maritimes.gr\/en\/china-cosco-suffers-record-loss-even-as-dry-bulk-shipping-stabilizes\/","title":{"rendered":"China Cosco Suffers Record Loss Even as Dry Bulk Shipping Stabilizes"},"content":{"rendered":"<p><img decoding=\"async\" class=\" size-full wp-image-136107\" src=\"https:\/\/maritimes.gr\/wp-content\/uploads\/2016\/08\/fcc7a1f51740a1930578d2d87741fa21.jpg\" alt=\"\" width=\"900\" height=\"379\" srcset=\"https:\/\/maritimes.gr\/wp-content\/uploads\/2016\/08\/fcc7a1f51740a1930578d2d87741fa21-200x84.jpg 200w, https:\/\/maritimes.gr\/wp-content\/uploads\/2016\/08\/fcc7a1f51740a1930578d2d87741fa21-300x126.jpg 300w, https:\/\/maritimes.gr\/wp-content\/uploads\/2016\/08\/fcc7a1f51740a1930578d2d87741fa21-400x168.jpg 400w, https:\/\/maritimes.gr\/wp-content\/uploads\/2016\/08\/fcc7a1f51740a1930578d2d87741fa21-600x253.jpg 600w, https:\/\/maritimes.gr\/wp-content\/uploads\/2016\/08\/fcc7a1f51740a1930578d2d87741fa21-768x323.jpg 768w, https:\/\/maritimes.gr\/wp-content\/uploads\/2016\/08\/fcc7a1f51740a1930578d2d87741fa21-800x337.jpg 800w, https:\/\/maritimes.gr\/wp-content\/uploads\/2016\/08\/fcc7a1f51740a1930578d2d87741fa21.jpg 900w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/>China Cosco Holdings, China and Asia\u2019s biggest shipping firm, suffered the biggest interim net loss of a mainland-listed company ever despite a stabilizing global shipping market.<\/p>\n<p>The Hong Kong-listed shipping giant, formerly known as China Ocean Shipping Co. (Cosco), reported net loss of 7.2 billion yuan (US$1.1 billion) for the first six months of 2016, compared to profits of 1.97 billion of profits a year ago.<\/p>\n<p>The state-owned company blamed the loss on lower demand for container shipping services and one-time charges related to the Feb. merger between Cosco and China Shipping Group. Of the total deficit, 2.4 billion yuan were related to sales of subsidiaries&mdash;at a loss&mdash;in connection with the consolidation.<\/p>\n<p>The massive six-month loss is the biggest of any listed Chinese company since A-shares were introduced in 1990.<\/p>\n<h2>Industry-Wide Slump<\/h2>\n<p>The entire dry bulk shipping industry had been mired in a years-long slump.<\/p>\n<p>The dry bulk market has been experiencing disequilibrium between supply and demand. Expecting continued emerging markets growth&mdash;especially from China&mdash;a large number of ships were ordered prior to the 2008 global financial crisis.<\/p>\n<p>Due to the high backlog and slow shipbuilding process, by the time the ships were finally delivered into service years later, the Chinese economy had slowed considerably and its demand for iron ore, coal, and lumber waned. The excessive supply of ship capacity and lower imports&nbsp;from China drove down price and volume of global shipping.<\/p>\n<h2>Market Rebalancing<\/h2>\n<p>In recent months, the dry bulk market has rebounded somewhat and while experts offer divergent views, the consensus is that the market has been stabilizing on a convergence of supply and demand.<\/p>\n<table align=\"center\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" style=\"width:100\\%; max-width:1200px;\">\n<tr>\n<td class=\"image_apostasi\"><img decoding=\"async\" class=\"image_sketi\" src=\"\/archive\/uploads\/160829bdi-index.png\" style=\"max-width:1200px; width:100\\%; max-height:921px;\"><\/td>\n<\/tr>\n<\/table>\n<div class=\"wp-caption-text\">Baltic Dry Index (Stockcharts.com)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China Cosco Holdings, China and Asia\u2019s biggest shipping firm, suffered the biggest interim net loss  [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":136107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273],"tags":[],"class_list":["post-136109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritimes-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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