COSCO Shipping H1 Profits Sink 12 Pct Due to Freight Rate Slump

China COSCO Holdings reported a net loss of 7.2 billion yuan in the first half, compared to a profit of 1.9 billion yuan over the same period last year, due to tepid demand for container shipping services and a hefty one-time payment for restructuring the parent company after a February merger.

Revenue dropped 8.5 percent year on year to 30.9 billion yuan in the first six months, the Hong Kong-listed arm of the country's largest shipping firm, China COSCO Shipping Corp., said August 25.