Full-year group turnover from continuing operations decreased by 8.2% to $37.2 million for FY17 compared to FY16 mainly due to a decrease in shipping revenue from a smaller fleet of bulk carriers. Currently, the group’s dry bulk shipping fleet comprises three Handymax carriers, having scrapped seven bulk carriers by the end of FY17.
SINGAPORE (Mar 1): Cosco Shipping International (Singapore) reported full-year earnings of $263.9 million in FY17 compared to a loss of $466.5 million a year ago.
In August 2017, the group's shareholders approved the sale of 51% stake in Cosco Shipyard Group Co., 50% stake in Cosco (Nantong) Shipyard Co. and 39.1% stake in Cosco (Dalian) Shipyard Co. for a consideration of $297.1 million.
