COSCO sees steep revenue, volume drop
COSCO Container Lines saw its revenue through the first three quarters drop 49.6 percent to $2.3 billion, while third quarter revenue slumped 39.5 percent to $916 million.
For July to September, the container line saw volume drop 6.5 percent to 1.4 million TEUs, compared to the same period in 2008. For the first three quarters, volume fell 16.7 percent to 3.8 million TEUs.
The liner carrier's parent, state-owned China COSCO, reported a company-wide loss of $101 million in the third quarter, including its liner, bulk, logistics and terminal divisions. The carrier didn't state losses attributable to its liner division.
Earlier this week, compatriot carrier China Shipping said it had a $284 million third quarter loss.
COSCO sees steep revenue, volume drop
