Watch Now


COSCO loses $330 million in Q3

   China COSCO Holdings, the parent company of liner carrier COSCO Container Lines, has reported a third quarter net loss of $330 million on $2.8 billion of revenue.
   The company’s container division saw revenue decrease 21.3 percent, to $1.4 billion, despite its container volume rising 14.2 percent, to 1.9 million TEUs, during the quarter. For the year, container volume has increased 11.4 percent, to 5.1 million TEUs, while container line revenue has fallen 11.7 percent, to $4 billion.
   COSCO didn’t release operating results for either its container division or the company as a whole. The company sustained more than $400 million in net losses in the first half of 2011.