BEIJING -- Leading shipping companies saw greater losses in the first half of the year, dragged down by sluggish global trade.
China COSCO Holding Co Ltd, posted a loss of 4.87 billion yuan ($768.14 million) in the first half, widening 79.72 percent year-on-year, the company said in a statement to the Shanghai Stock Exchange on Thursday.
It attributed the loss to softening growth worldwide, faltering global trade and oversupply in the domestic shipping market.
In the first six months, operating revenues slid 1.23 percent year-on-year to 34.65 billion yuan, while the gross profit margin for dry bulk shipping and related operations dipped to a negative 23.2 percent from a negative 7.5 percent.
Shipping companies will continue to struggle in the second half of the year due to China's economic slowdown and high oil prices, the company predicted.
China Shipping Container Lines Co Ltd, another major shipping firm, said Thursday it lost 1.28 billion yuan in the first half, a 103.22 percent year-on-year increase.
The flagging European and US economies and increasing shipping capacity led to weaker profitability, the company said in a statement to the Shanghai Stock Exchange.
Operating revenues rose 9.65 percent year-on-year to 15.32 billion yuan in the first half, it said.
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