COSCO loses $490 million in 1st quarter

COSCO loses $490 million in 1st quarter    COSCO's parent company said last week it lost $490 million in the first quarter of 2009, compared to a profit of $899 million in the same period in 2008.
   The ocean carrier saw revenue fall 56 percent to $628 million, affected deeply by a slump in demand for Chinese-made goods from both Europe and North America. Volume fells nearly 30 percent to 994,500 TEUs.
   China-based COSCO is the world's fifth-largest carrier by fleet capacity. Fellow Chinese carrier China Shipping reported a first quarter loss of $177 million, though COSCO was also hurt deeply by falling rates in the dry bulk sector, in which it also operates.
   Maritime news service AXS-Alphaliner reported that total losses for the top 20 carriers is expected to top $4 billion in the first quarter.