Cosco widens last year's H1 loss to US$770 million from $421 million

CHINA Cosco widened last year's first half net loss to CNY4.87 billion (US$770 million) in the first six months of 2012 from the US$421 million the company lost in the corresponding period last year.

The company attributed the weak performance to shrinking dry bulk and container shipping demand.

Its container shipping unit, Coscon, posted an operating loss of CNY1.31 billion in the first six months of 2012, a deterioration from the loss of CNY947 million a year earlier.

The performance of its dry bulk shipping units was far worse, as they recorded a first half operating loss of CNY3.42 million.

Coscon's container liftings were up 17 per cent to 3.78 million TEU, with the Asia-Europe routes recording a 22 per cent increase.

According to Alphaliner, Cosco has taken delivery of eight 13,000-TEU vessels and six 4,250-TEU containerships since the beginning of 2011.