ShippingWatch

China Cosco's divestments so far

China Cosco is in the midst of a massive divestment process, selling valuable assets to the carrier's parent company in the hopes of maintaining the shipping conglomerate's stock listing.

The shipping conglomerate China Cosco has gone through several major rounds of asset divestments in 2013 in the hopes of maintaining the company's listing on the Shanghai Stock Exchange. The buyer of the profitable assets is parent company Cosco Group, which is now ready to buy up assets from its subsidiary for the third time this year, in a scheme that, according to Alphaliner, means that China Cosco benefits from the divestments.

At the end of August, the company published a financial report for the 1st half of the year showing a deficit of USD 126 million. The company achieved a deficit five times bigger than that in the same period 2012, but if China Cosco fails to produce a positive result by the end of the year the company will be delisted from the Shanghai Stock Exchange.

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
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

SDK Freja anticipates steep earnings drop following record year

Logistics company SDK Freja, which delivered record financials with great advancement on top and bottom lines, takes a more gloomy view of the current fiscal year due to several ”external factors.” However, the growth target remains the same, CEO tells ShippingWatch.

LNG carriers concerned about increasing ship prices

The price on new LNG vessels has soared vigorously, and for Flex LNG this has meant a withdrawal from the market for new ships. Such was the statement by Flex LNG’s chief exec at Marine Money in New York, where he also announced new long-term charter agreements.

Maersk ships delayed up to three weeks on US east coast

Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.

Further reading

Related articles

Latest news

See all jobs