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People's Daily Online>>China Business

COSCO records drop in shipping

By Fang Yunyu (Global Times)

09:14, January 11, 2012

China Ocean Shipping Company Ltd (COSCO), the country's largest shipping company by market value, announced yesterday that it has seen a decline in transportation volume amid the sluggish global market.

The State-owned company's shipping volume in December fell by 13 percent year-on-year to 696,230 tons, according to a report filed with the Shanghai Stock Exchange yesterday.

COSCO earlier revealed that its transportation volumes in October and November surged year-on-year by 58.4 percent and 36.4 percent, to 1,005,854 and 928,832 tons respectively.

"The deteriorating external environment is a factor impacting the company's transportation volume for sure," Lian Ping, chief economist at Bank of Communications, told the Global Times yesterday.

However, Lian noted a single month's drop is not enough to forecast the future for the industry.

Shipping data can work as a barometer of global economy, said Lian, and as long as the European debt crisis remains unresolved, and the US and Japanese economies remain uncertain, the world's trade and shipping market could be sluggish "for the next one to two years."

COSCO in October announced that its net profit attributable to shareholders between July and September slumped by 67.73 percent to 29.23 million yuan ($4.63 million), compared to the same period of last year.

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