First quarter woes

First quarter woes 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.

Matson volume decline leads to 1st quarter loss
   The parent company of Matson Navigation Co. posted first quarter net profit of $3 million, a 92.6 percent drop from the same period in 2008, when the company made $42.1 million.
   Alexander & Baldwin, which also operates a real estate development division, said 2008 first quarter earnings were exceptionally high due to real estate sales at a single project.