Shanghai-listed COSCO Shipping’s June shipping volume has fallen from a year ago, although total volumes for the year to June were still up.
June saw 1.2 million tonnes shipped, a drop of 8.7% (0.11 million tonnes) on a year ago. The six-month comparison shows 8.1 million tonnes shipped this year, an increase of 19.8% (1.3 million tonnes) on the same period last year.
COSCO Shipping’s turnover in June fell by 7.6% from a year earlier, but again, from January to June overall, was up by 25.1%.
In further 2014-2015 comparisons, the company‘s loading rate in June dropped 3.3% to 58.3%, while its fuel consumption was 1.5% less.
Its general cargo fleet shipped 0.48 million tonnes in June, a surge of 97.3% on a year ago, and a total of 3.4 million tonnes in the January-June period,up 179.8%.
However, its MPV fleet only shipped 0.19 million tonnes last month, a slump of 62.9%, while total shipments in the January-June period stood at 1.9 million tonnes, down 27.5%.
Related news:Beijing audit reveals underreporting in COSCO accounts
At the end of June the company received CNY4.0 billion (USD645.1 million) in government subsidies for scrapping old tonnage and fleet renewal, a filing to the Shanghai Stock Exchange reported.
Those subsidies will have some positive impact on the company’s financial result for 2015, it noted.
This post was sourced from IHS Maritime 360: View the original article here.