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Seven listed shipping enterprises hit by first-half losses

(Global Times)

09:10, August 14, 2012

Seven shipping firms among 12 listed-shipping enterprises in China suffered losses in the first half of this year, China Securities Journal reported Monday.

According to the report, China Merchants Energy Shipping Co and Cosco Shipping Co predicted a loss of more than 50 percent, and Hainan Strait Shipping Co predicted a loss of 25 percent.

China Cosco Holdings Co and Chang Jiang Shipping Group Phoenix Co are expected to see an even greater loss, said the report.

Insiders attributed the losses mainly to oversupply and rising costs. In the financial report released by China Shipping Development Co, the company pointed to excessive shipping capacity both at home and abroad in the first half of this year.

Chang Jiang Shipping Group Phoenix Co also said there had been a downturn in international freight and an increase in fuel and other costs.

The BDI index, or the international dry bulk market index, a barometer of prices in the shipping industry, has seen a downward trend in the first half of this year, averaging 941.21 points, down 438.17 points from the same period last year. On February 3 this year, the BDI index fell to 647 points, a record low.

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