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China Cosco said it expects a 32 percent drop in dry-bulk traffic this year. China Cosco Holdings Co., Asia’s largest shipping line by market value, reported … a net loss of 503 million yuan ($77 million). “There are too many ships and too much capacity,” said Johnson Leung, head of regional transport at Jefferies [...]  China Cosco Holdings swung to a loss of $77.3 million in the first quarter ended March 30 as global vessel overcapacity caused a decline in freight rates in the container and dry bulk sectors. This compared with a net profit of $135.7 in the same period last year, the company said on Thursday in a [...] Commodity shipping costs measured by the Baltic Dry Index extended their longest losing streak in almost five years as an expanding fleet overwhelmed weakening demand for grain, coal and ore carriers. The index fell 41 points, or 1.7 percent, to 2,406 points, the lowest since October 2009, according to the Baltic Exchange in London. That’s [...] |
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