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COSCO Shipping reported a first-half loss of 7.2 billion yuan
($1.08 billion yuan) versus a profit of 1.9 billion a year
earlier, the company said in a filing to the Shanghai stock
exchange.
COSCO is grappling with weak global demand that has dragged down
the sector.
In the first quarter, it reported a net loss of 4.5 billion yuan.
China COSCO is part of China Cosco Shipping Corporation (COSCOCS),
a shipping giant created earlier this year from the state-driven
merger of former rivals China Ocean Shipping (Group) Company [COSCO.UL]
and China Shipping Group [CNSHI.UL].
Global shipping is mired in its longest downturn in three
decades as operators struggle with an oversupply of vessels and
depressed freight rates.
(Reporting by Adam Jourdan and Lee Chyen Yee; editing by Jason
Neely)
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