It is reported that China Cosco Holdings posted a loss of CNY 2.71 billion in the first half due to the sluggish international shipping market.

Revenue fell 10.4%YoY to CNY 34.23 billion due to overcapacity, higher costs, lower shipping prices and fiercer competition.

Mr Zhang Liang general manager said the dry and bulk cargo shipping business is just a small part of Cosco business. He said that Cosco has more than 400 ships for dry and bulk cargo shipping and only a number of ships have been detained or were involved in disputes.

Mr Zhang said the disputes have been settled after negotiations.

It was reported that Cosco had refused to pay the agreed rentals as rental payments had dropped significantly right after the signing of the contracts.

(Sourced from Beijing Times)