Bad news will be delivered next week when two of China’s largest players in the shipping market, COSCO and CSCL, will present a negative final result for the second year in a row. COSCO, which is a state-owned company, as is CSCL, has announced that its shareholders must expect “considerable losses” for 2012.
The poor financial results will force COSCO into the stock group of the Shanghai exchange which deserves special treatment, writes Alphaliner. The threat that COSCO’s stock will exit the exchange entirely if the company delivers dissatisfactory results once again will prove a constant headache in 2013.
Already a subscriber? Log in.
Read the whole article
Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.
Start a free company trial todayMore from ShippingWatch
Maersk, Ørsted will not sign a binding methanol agreement for at least one year
It was no coincidence that Maersk and Ørsted didn’t enter an actual contract on a mega project set to supply green methanol to Maersk’s ships. A binding contract won’t be signed until at least one year from now.
Navigare enters offshore wind through significant investment
In order to partake in the expected growth within offshore wind turbines, Navigare Capital Partners has made a considerable investment in five vessels for servicing of offshore wind projects.
Frontline CEO: Russian oil flows quite freely on the market
Frontline is not taking the ”moral high ground” in regards to Russia but complies with the existing sanctions. Large amounts of Russian oil are still passing through the market, said chief executive Tuesday.
Nina Østergaard Borris takes over as USTC's CEO
Danish billionaire Torben Østergaard-Nielsen passes the position as CEO of USTC to his daughter Nina Østergaard Borris. ”A joint decision by the ownership,” Østergaard-Nielsen tells newspaper.
NGOs want Maersk, MSC, CMA to order only carbon-free vessels
In an open letter, two NGOs urge major container carriers to commission only new ships with CO2-free technology and fossil-free fuels. Large majority of new orders still concern ships powered by fossil fuels, according to analyst firm.
Marine Sales Executive - Performance Coatings 
Port Director for the Port of Kolding 
Senior Finance Business Partner 
Team Manager