China Cosco said it expects a 32 percent drop in dry-bulk traffic this year.
China Cosco Holdings Co., Asia’s largest shipping line by market value, reported … a net loss of 503 million yuan ($77 million).
“There are too many ships and too much capacity,” said Johnson Leung, head of regional transport at Jefferies Group Inc. in Hong Kong. “The first quarter was tough, but investors need to be prepared because the second quarter will be even worse.”