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Article: China: China Cosco May Cancel Ship Orders After Second Loss.
- Article from:
- TendersInfo
- Article date:
- August 29, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: deepak203
China Cosco Holdings Co., Asia s biggest shipping company by market value, said it may cancel container-vessel orders after posting a second straight loss on slumping world trade.
The company also plans to delay new ships, terminate charters earlier and lease or sell vessels to pare growth, it said in statement yesterday. Along with three partners, it will also cut Asia-Europe capacity by about 20 percent.
China Cosco s container-shipping business, the nation s biggest, had a 4.32 billion yuan ($632 million) operating loss as U.S. and European consumers pared spending on Asian-made goods, hammering rates. Its commodity-ship ...