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Cosco Group declares 2014 profit after 3 years of losses

CHINA Ocean Shipping Group Co (Cosco) returned to profit in 2014 after three years of losses, state media said on Saturday, citing an interview with the group's chairman Ma Zehua.

The state-controlled conglomerate, which owns China Cosco Holdings Co Ltd, had a profit of CNY5.04 billion (US$809.26 million) last year, said Mr Ma, reported Xinhua.

Operating revenues were up two per cent year-on-year, said Xinhua without providing a figure, noted Reuters, while Cosco's asset to liability ratio fell 4.4 percentage points to 55.4 per cent at the end of 2014.

Cosco is now targeting annual profitability of between four and 5.5 per cent by 2020, said Xinhua.

On Monday, the group said it had received a $1.75 billion loan from the Export-Import Bank of China with which to buy 53 new ships. These would include oil tankers, containerships and dry-bulk vessels, helping to replace 100 vessels Cosco had scrapped in the last two years.

Last week, Cosco Shipping Co Ltd said its preliminary 2014 net profit was up 491.3 per cent year-on-year to CNY193 million.

Source: Shipping Gazette

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