Wednesday, August 25, 2010

Another Container Shipping Line Posts Profits

COSCO follow Maersk With First Half Gains
Shipping News Feature

CHINA – Just a week after Maersk announced their return to profitability another major force in container shipping has followed suit. COSCO Container Lines came in with a $170 million plus profit and the dry bulk sector of the China COSCO Holdings group, China COSCO, also posted improved figures as commodity freight rates climbed from the depths.

Overall the group, second largest combined freight fleet in the world seem more than satisfied with the recovery, although principally shipping related the holding company has spread its interests throughout the sector with shares in such operations as China International Marine Containers, which manufactures over half of the world’s boxes.

With dry bulk volumes up over 8% and all trades on the container routes up producing a jump between 12 and 24% (depending how you interpret TEU figures or overall tonnage) in volumes, coupled with the higher box and bulk rates the Chinese giant has good reason to smile producing an overall revenue for the group for the first six months of the year of over half a billion dollars.

Photo : The ‘Longest cargo in China’ a 12.35m in diameter, 120.65m in length and 1200 tonne re-distillation tower a new record for RoRo operation and road transportation in China shipped by COSCO Logistics in June this year.