COSCO revises earnings estimates upwards
China COSCO has revised its earnings estimate for 2007, saying it will be about 50 percent higher than the $1.65 billion it forecast as recently as September.
The company said, “Conditions in the international shipping market in the second half of 2007 were better than the forecast conditions” in September.
Analysts believe the company has benefited greatly from soaring charter rates in the dry bulk trade.
Meanwhile, Reuters reports COSCO has placed a $1.4 billion order for 20 4,250 TEU containerships with Yangzijiang Shipbuilding. Channel News Asia said the ships will be delivered in 2011 and 2012 and that COSCO has an option for four more.