{"id":11902,"date":"2017-03-31T11:27:59","date_gmt":"2017-03-31T10:27:59","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=11902"},"modified":"2017-03-31T11:27:59","modified_gmt":"2017-03-31T10:27:59","slug":"no-dividend-for-shareholders-as-cosco-shipping-posts-1-4b-loss-in-2016","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/no-dividend-for-shareholders-as-cosco-shipping-posts-1-4b-loss-in-2016\/","title":{"rendered":"No dividend for shareholders as COSCO Shipping posts 1.4b loss in 2016"},"content":{"rendered":"
Shanghai-listed COSCO Shipping Holdings Company, a unit of China Cosco Shipping Corporation Limited (Cosco Shipping), has reported a loss of $1.4 billion in its annual report for 2016.<\/u><\/u><\/div>\n

As a result the company proposed that no dividend is distributed this year.<\/u><\/u><\/p>\n

The loss was mainly attributed to\u00a0the challenges\u00a0posed by the complexity of the company\u2019s\u00a0reform and reorganization along with the grave market situation and record low container shipping freight rates.<\/u><\/u><\/p>\n

The company\u2019s revenue stood at CNY\u00a071.2 billion.<\/u><\/u><\/p>\n

The loss is in line with the company\u2019s expectations voiced in January this year, and it is a considerable plunge from the profit of CNY 283.4 million posted in 2015.<\/u><\/u><\/p>\n

For 2017, COSCO Shipping Holdings expects the market situation to improve as there are some signs of market recovery in the container sector.<\/u><\/u><\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

The company is gearing up for the launching of its alliance with\u00a0the French shipping company CMA CGM, Hong Kong-based Orient Overseas Container Line (OOCL) and Taiwanese Evergreen Line\u00a0\u00a0from April 1, 2017<\/span><\/span>.<\/u><\/u><\/p>\n

The carriers plan to deploy around 350 container vessels with an estimated total carrying capacity of 3.5 million TEUs under their Ocean Alliance.<\/u><\/u><\/p>\n

As of December 31, 2016, COSCO\u2019s own fleet consists of 312 container ships.<\/u><\/u><\/p>\n

\u2014-World Martime News<\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"

Shanghai-listed COSCO Shipping Holdings Company, a unit of China Cosco Shipping Corporation Limited (Cosco Shipping), has reported a loss of $1.4 billion in its annual report for 2016. As a result the company proposed that no dividend is distributed this year. The loss was mainly attributed to\u00a0the challenges\u00a0posed by the complexity of the company\u2019s\u00a0reform and …<\/p>\n","protected":false},"author":11,"featured_media":11903,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[1690],"coauthors":[2392,2393],"class_list":["post-11902","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-cosco"],"yoast_head":"\nNo dividend for shareholders as COSCO Shipping posts 1.4b loss in 2016 - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/no-dividend-for-shareholders-as-cosco-shipping-posts-1-4b-loss-in-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No dividend for shareholders as COSCO Shipping posts 1.4b loss in 2016 - National Wire\" \/>\n<meta property=\"og:description\" content=\"Shanghai-listed COSCO Shipping Holdings Company, a unit of China Cosco Shipping Corporation Limited (Cosco Shipping), has reported a loss of $1.4 billion in its annual report for 2016. As a result the company proposed that no dividend is distributed this year. 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