China Cosco plans to cancel or postpone some of its vast portfolio of ship orders, scotching speculation that the state-controlled shipping line might be forced to increase its order book to support China's shipyards.
The company, the world's biggest operator of dry bulk ships, announced its plans yesterday alongside results showing pre-tax profits fell from Rmb26.1bn in 2007 for to Rmb15.7bn ($2.3bn) in 2008, on revenue up to Rmb131bn from Rmb112bn.
Many observers had expected Cosco to take on some of the orders for ships placed at Chinese shipyards likely to be cancelled as shipping markets suffer a severe downturn.
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