HongKong-listed Cosco will see its bottom line crash at least 50% beyond the CNY2.76bn ($431.73m) deficit booked at this stage in 2011, it says in a profitwarning.
It explainsa weak global economy, coupled with excessive capacity and unbalanced demand inthe global shipping markets are behind the decline.
“In particular, freight rates in thedry bulk shipping market remained low and the relevant costs, including fuelcosts, remained at high levels,” Cosco said.
