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Cosco yards lose 27 percent of revenue

China's Cosco conglomerate's yard division finished the first quarter of the year with its revenue down about one third compared to the same quarter last year. The rest of the year will also be challenging, management writes in the report.

Photo: Foto: Cosco Dalian Shipyard

The carriers' hesitance to sign contracts is taking a toll on Singapore-based Cosco Corporation Limited. For the company, which is part of China's Cosco conglomerate, the vast majority of the business comes from a number of yards, and the tough circumstances are not showing any signs of recovery since the division exited 2015 with a huge deficit of USD 652 million, according to the company's first quarter interim report.

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