Mainland shipping giant back in the black

PUBLISHED : Friday, 27 August, 2010, 12:00am
UPDATED : Friday, 27 August, 2010, 12:00am

China Cosco Holdings, the mainland's largest bulk and container ship operator, said it would take delivery of 21.8 billion yuan (HK$24.9 billion) worth of new vessels by 2013, after posting a 3.45 billion yuan interim net profit yesterday, compared with a 4.6 billion yuan loss a year earlier. 'The market in second half will be more volatile because of the delivery of the new vessels,' said chairman Wei Jiafu, adding: 'But 2010 as a whole will be better than last year.' Sales from container shipping rose 78 per cent year-on-year to 20.9 billion yuan, while sales from bulk shipping jumped 51 per cent to 16.7 billion yuan.