COSCO loses $631 million in first half

COSCO loses $631 million in first half    COSCO Container Lines, the container shipping division of state-owned China COSCO, had an operating loss of $631 million in the first half of 2009, a steep plunge from the $141 million in profit it saw in the corresponding period in 2008.
   The container line's revenue fell 52 percent to $1.7 billion, while container volume fell 22 percent to 2.3 million TEUs. Capacity grew nearly 21 percent in the first six months of the year.
   The parent company, China COSCO Group, saw revenue plummet 59 percent, to $4.2 billion, as its container, dry bulk and logistics divisions all experienced losses. Its container terminal division, COSCO Pacific, did turn a first half profit, though it was down 34 percent from the first half of 2008.