Cosco Holdings

China Cosco Holdings has revealed that it turned in a loss for full-year 2011, with its 2010 profit of US$1.07bn falling to a dramatic loss of US$1.66bn loss, as overall group revenue slumped 12.3 per cent to US$13.4bn.

IFW reported that overall results were hit by the group's container shipping operation, which, despite handling more freight at 6.91m TEU, saw revenue fall 10.7 per cent to US$6.5bn, leading to a segment loss of US$1bn.

Domestic logistics enjoyed a better year, with revenue up 15 per cent to US$2.8bn, while terminal operations saw throughout and revenue grow, leading to profit of US$77.9m.

In a statement, Cosco said that it would focus more on emerging markets and expand its service network to Europe and America, although it warned that 2012's shipping market outlook was 'not optimistic'.