“The conflict in the Middle East has posed significant challenges to the safety and stability of global shipping,” China’s biggest container liner said.
(April 29): Cosco Shipping Holdings Co reported a 50% drop in first-quarter profit on weaker freight rates, warning that war in the Middle East has posed “significant challenges” for the industry.
Net income fell to 5.9 billion yuan from 11.7 billion yuan a year earlier, according to a filing Wednesday. Revenue dipped 11% to 51.8 billion yuan, with the transpacific route seeing the biggest growth decline.
