China Cosco records 3.95b yuan loss

China Cosco Holdings has incurred a floating loss of 3.95 billion yuan (HK$4.47 billion) stemming from a change in the fair value of various forward freight agreements, which the firm uses to lock in costs. The world's largest dry-bulk shipper says the floating losses from the agreements grew to 5.38 billion yuan on December 12 from 2.31 billion yuan at the end of September. The losses grew as the Baltic Dry Index fell to 764 points on December 12 from 3,217 on September 30. Gains on completed agreements of 1.43 billion yuan partially offset the losses.