Money gushing out of Cosco container carrier

Selling companies and office buildings could help secure the struggling Chinese state-owned giant Cosco a positive result in 2013, but the container carrier is still losing money on a massive scale, says Alphaliner.

A fire sale of office buildings in Shanghai and other places now looks like it might save one of the world's biggest shipping companies, Chinese Cosco, from the total humiliation of a forced exit from the Shanghai Stock Exchange by the end of 2013. Cosco has already divested its logistics company and a series of stakes as part of the efforts to avoid another deficit for the third year in a row, but the money continues to gush out of the group's container business, Coscon.

According to Alphaliner, China Cosco will continue to lose money on its operations this year as well, with an expected deficit of USD 400 million from the group's container business.

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