COSCO Corp's Q3 y-o-y loss surges 25pc to US$73m
Time：2016-11-18
Browse：113
The company`s turnover for the period dropped by 30 per cent to SGD662.3 million from SGD949.5 million recorded in the corresponding quarter of 2015, on continued weaknesses in the shipyard and shipping sectors, according to World Maritime News.
Turnover from shipyard operations also plunged by 30 per cent to SGD654.7 million on lower revenue contributions from ship repair, ship building and marine engineering, while turnover from dry bulk shipping and other businesses declined by 21 per cent to SGD7.7 million due to lower charter rates.
Vice chairman and president of the company, Gu Jing Song said: "It has been another difficult quarter for our industry. Persistent weakness in crude oil prices has taken its toll on the offshore marine industry and is showing no sign of letting up. Shipbuilding order books and contract prices are suffering under the heavy weight of the industry over-capacity amidst a weak global economy which has also depressed shipping rates."
As at September 30, 2016, the company`s gross order book stood at $6.8 billion with progressive deliveries up to 2019. However, the order book continues to be subject to revision from any new, cancellation, variation or scheduling of orders that may arise.