COSCO Warn of Dramatic Profit Dip

COSCO Shipping warns of 99.5% interim profit drop

Shanghai-listed COSCO Shipping, the vessel service provision arm of China Ocean Shipping (Group) Co, says that profit attributable to shareholders for the first half will drop 99.5% from a year earlier to about RMB700,000 ($109,000).

SinoShip News adds that other listed firms are feeling the pinch too.

Shanghai-listed China Shipping Haisheng, a bulk carrier subsidiary of China Shipping Group, also gave investors an early warning of a first-half loss this week, without disclosing specific figures.