22 Januari 2014

[220114.EN.SEA] Cosco Sells Assets To Offset Losses And Avoid Delisting In Shanghai

CHINA Cosco, parent of Cosco Container Lines, has staved off an embarrassing delisting from the Shanghai Stock Exchange after managing to prevent a third straight year of loss-making through the sale of assets totalling CNY7.98 billion (US$1.3 billion).

China Cosco would have reported a loss of CNY7 billion for 2013 had the one-off gains from asset sales not been factored into the results.

All of the main assets divested last year were acquired by the COSCO Group, its parent company, in various related party transactions.

In a filing to the bourse, China Cosco said it expects to post a profit for 2013, compared to a net loss of CNY9.56 billion (US$1.51 billion) in 2012 and a loss of CNY10.5 billion ($1.62 billion) in 2011. Full year 2013 results will be announced on March 27.

The positive results for 2013 that are largely attributed to gains from asset sales hide significant weakness in the operating results of its container shipping and dry bulk shipping units, reports Alphaliner.

Regardless, Cosco is still pursuing its fleet renewal plans. Coscon plans to order five new 9,400 TEU containerships from Chinese yards as it takes advantage of the China's new scrapping subsidy of CNY1,500 per gross tonne (GRT) applicable from 2013 to 2015.

The subsidies would be granted in two tranches of CNY750/GRT each. The first will be received upon completion of the ship demolition and the second tranche will be granted after the construction of a new replacement vessel at Chinese yards.

Source : HKSG.

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