COSCO Shipping flags risks from oil price, trade dispute as profit halves [Reuters]
COSCO SHP HLDG UNSP/ADR (CICOY)
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Source: Reuters
COSCO Shipping flags risks from oil price, trade dispute as profit halves SHANGHAI, March 29 (Reuters) - China’s COSCO Shipping Holdings Co Ltd said trade frictions and high oil prices pose risks for the global shipping industry this year, after confirming on Friday that its net profit for 2018 fell by more than half. The state-owned company, the world’s third largest container shipping line, said net profit attributable to shareholders slid 53.8 percent to 1.2 billion yuan ($178.83 million) last year from 2.7 billion yuan a year earlier. It had warned profit would slump in January. Revenue rose 33.6 percent as demand for its container shipping and terminal business remained strong, COSCO said. However, its marine fuel costs rose in tandem with increases in global oil prices over the year, it added. “Looking ahead to 2019, we are cautiously optimistic on the global economy and shipping situation,” the company’s chairman Xu Lirong said in the statement. “Many uncertainties such as tra
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