Cosco has announced the biggest loss for 2011 so far reported in the shipping sector, and predicted another tough year ahead.
The Chinese conglomerate saw a 2010 Rmb6.78 billion (US$1.07bn) profit turn into a Rmb10.5 billion ($1.66bn) loss, with group revenue plunging 12.3% to Rmb84.64 billion.
However, as the container shipping business sailed into the red, its logistics and terminal operating divisions did bring in some profits.