Cosco Shipping International's Q2 loss of $20.8 million an improvement from year ago

SINGAPORE - Cosco Shipping International (Singapore) posted a $20.8 million net loss in the second quarter, hurt by the persistently weak offshore marine industry.

The net loss for the three months to June 30 was, however, narrower than the net loss of $36.8 million recorded a year ago.

Cosco said on Friday (Aug 4) that recovery in the offshore marine sector - that has been hit by low crude oil prices - remains uncertain.

Second quarter revenue slipped by 31 per cent year-on-year to $524.7 million owing to a drop in shipyard revenue, it added.

Quarterly loss per share narrowed to 0.93 cent from 1.64 cents last year. Net asset value per share fell to 10.35 cents as at June 30 from 15.01 cents at the end of Dec 2016.

Net loss for the first half came in at $99.7 million, up from a net loss of $51.2 million in the corresponding period in 2016. This followed a 38 per cent drop in first half turnover to $926.6 million.

As at 30 June 2017, Cosco's gross order book stood at about US$5.8 billion with progressive deliveries up to 2020.