“Fragile” world economies, an uneven global recovery and concerns over China have Cosco Corp Singapore feeling cautious about 2011.
The shipbuilder did, however, manage to significantly boost net profit on the back of increased sales and cost cutting but its dry-bulk division suffered in a weak market.
Such continued weakness was also one of the reasons for caution as the yard group wrote in Tuesday’s announcement to the Singapore Stock Exchange: “Any rebound in [Baltic Dry Index] may remain subdued in view of the abundant supply of new ships inundating the global market”.
Much
