State aid offset China Cosco's setback in 2015

The newly-merged Chinese shipping group noted a sliding result in 2015, though state aid from the government softened the blow considerably. Continued imbalance in the container market going forward, says the company.

Photo: PR-foto

China Cosco Holding's shipping business was hit big-time by the weak bulk and container markets in 2015, but large-scale state aid from the Chinese government hit a dry spot and softened the blow, report several media citing the carrier's annual report.

The group's revenue came to 57.4 billion yuan, around USD 8.8 billion, down 14.2 percent against 2014.

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