Cosco Shipping believes in a more stable container market

The world's now third-largest container carrier, Cosco Shipping, had a deficit in its container division in the first half of the year. Growth in large container vessels put pressure on prices, writes management while maintaining optimism.

Photo: Scanpix Ritzau/AP/Ben Margot

The third-largest container carrier in the world had a deficit in its container business in the first half of the year, shows the group's interim report. The container business unit lost CNY 158 million, equivalent to USD 23 million, in the period. In the same period last year, the result was a profit of CNY 1 billion or USD 147 million.

Revenue in the first half of 2018 landed at CNY 41 billion, according to the interim report. The group has also received CNY 188 million in government subsidies in the first half of the year. 

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