China COSCO Dry Bulk Shipping Losses Fall Sharply

BEIJING, March 27 (Reuters) – China Cosco stated losses in its most important dry bulk delivery enterprise fell sharply in 2014 and its container delivery gross revenue grew amid a nonetheless subdued world delivery market.

The feedback have been made by the agency’s chief monetary officer, Tang Runjiang, at its outcomes briefing in Beijing on Friday.

Cosco Chairman Ma Zehua stated the corporate was cooperating with state rival China Shipping in areas equivalent to ports and home container delivery and stated he had no data on how the agency may be affected by Beijing’s plans to push ahead a brand new spherical of business consolidation.

China Cosco posted a 54 % rise in full-year revenue on Thursday, helped by authorities subsidies which amounted to 1.74 billion yuan. (Reporting by Beijing Newsroom and Brenda Goh; Editing by Gopakumar Warrier)