China COSCO reports $ 326 m Q3 loss

Reuters: China COSCO Holdings Ltd., the country’s No.1 shipping conglomerate, last week reported a net loss of 2.07 billion yuan ($ 325.81 million) for the third quarter, amid sliding freight rates and a supply glut.

China COSCO, operator of the world’s largest bulk cargo fleet and a major global container shipper, remained in the red for a third consecutive quarter in July-September after reporting a 2.25 billion yuan loss for the second quarter.

The result was slightly better than a UBS forecast for a loss of 2.25 billion yuan but worse than a 1-1.5 billion yuan loss estimated by ICBC.

The company recorded a net profit of 2.11 billion yuan for the same period last year, it said in a statement to the Shanghai stock exchange.

The global shipping industry, which tends to mirror macroeconomic trends, has been hit by a renewed growth slowdown and increased uncertainty this year, after rebounding last year from billions of dollars in losses in 2009.