Contract Errors Trap COSCO in a Choppy Wake

How much does shipping powerhouse China COSCO Holdings Co. owe cargo shipowners in overdue charter fees?

Greek shipping magnate George Economou says China's largest shipping concern owes his chartering companies Class Maritime and Dryships at least US$ 25 million.

COSCO itself is not saying who is owed how much. Officials at the state-owned company declined to speak with Caixin.

COSCO's latest financial report underscores the company's financial stress – notably a first-half loss of 2.8 billion yuan – tied to a weak global economy and dramatic swings for charter prices over the past three years. The report cited the global industry's excess chartering capacity, high operating costs and intense competition weighing on COSCO's bottom line.