Sino-Global Shipping America (SINO)

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Cosco Returns to Profit on Freight Rates, Volumes -- Market Talk
6:44 pm ET August 30, 2017 (Dow Jones) Print
1844 ET - Cosco Shipping, the world's third-biggest container operator, posts a 1.9B yuan ($283M) 1H net profit, versus a CNY7.2B loss a year earlier, as freight rates and cargo volumes are on a steady recovery path. Volumes were up 35% and container freight rates grew around 20%. Container shipping is making a comeback after three years of heavy losses, with growing demand coming in from the US, Europe and China. Cosco, fresh from a $6.3B takeover of Hong Kong rival Orient Overseas Container Lines, is looking to spend at least another $1B in acquisitions as ship assets are still cheap compared with previous upcycles. ([e-mail])

(END) Dow Jones Newswires