Shipping giant slashes losses

Updated: 2013-07-31 16:33


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COSCO Holdings, China's largest shipping company, said it expects first-half net losses to fall by 70 to 85 percent from 4.87 billion yuan ($794 million) a year earlier.

Net losses are likely to be between 1.46 billion yuan and 732 million yuan.

It is restructuring assets to regain profitability as a third straight annual loss may result in shares being delisted in Shanghai.

Selling equity interests in COSCO Container Industries Ltd and COSCO Logistics Co Ltd, as well as cutting the size of dry bulk vessel charters and expenses, helped the company reduce losses.