Cosco expects to end Q2 in the red

Due to the industry downturn.

Cosco Corporation warned investors that it is expecting to book a loss for the second quarter.

Cosco said that the expected net loss is mainly attributable to the low crude oil prices over recent months which has had an adverse impact on the global offshore marine industry, the languid dry bulk shipping market which has brought great pressures to its dry bulk fleet operations and the slump in the shipbuilding market which has negatively impacted its shipyards.

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