The world's fourth-largest container shipping line made the forecast in a stock market statement on Thursday. It recorded a loss of 7.2 billion yuan in the same period last year.
"Freight rates for container shipping operations have increased year-on-year, container volumes have grown 34.72 percent, and earnings have continued to grow from the base set in the fourth quarter of last year," it said.
Several of the company's peers have said in recent months that the global shipping industry is emerging from a prolonged slump. In May, French container shipping line CMA CGM posted its second straight quarterly profit.
COSCO Shipping has suspended trading in its shares since May 16, citing "material asset restructuring."
OOIL’s share price popped 19 per cent on Monday to HK$71.45.
But Cosco Shipping hopes to widen its base after agreeing to buy Orient Overseas International of Hong Kong in an all-cash acquisition, the latest in a wave of M&A in container shipping, as the battered industry navigates its way to sustainable profitability.
The takeover, announced on Sunday between two members of the Ocean Alliance grouping of container lines, creates a potentially stronger Asian competitor to the 2M Alliance of Denmark’s Maersk Line and Switzerland’s Mediterranean Shipping Company, operators of the two largest container fleets.
China’s ambitions in the global shipping industry have been underlined by a $6.3bn deal by a state-owned company to take over a Hong Kong rival, creating a bigger force to compete with the leading European container lines.
No comments:
Post a Comment