Cosco Shipping Holdings has posted a net profit of Rmb687m ($102m) for the first three months of the year.
This follows the Chinese state-owned container liner and terminal group’s $251m positive return last year, which, said Alphaliner, included $230m of subsidies from the Chinese government.
Cosco, which acquired OOCL in a $6.3bn deal last July, is the first major container line to report Q1 earnings, and its results suggest it could have been a positive quarter …
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Source: The Loadstar