Channel NewsAsia

[starlene]

http://mystocksinvesting.blogspot.com/2009/11/cosco-chart-looks-very-bearish.html..TP as low as 21cents???

[jahtl]

I am waiting to buy. Not at this price but at MY price.

[starlene]

Cosco Corp. Singapore net falls as orders cancelled
Written by Bloomberg
Tuesday, 03 November 2009 17:55

Cosco Corp. Singapore, China’s second-largest publicly traded shipbuilder, posted its third consecutive decline in quarterly profit after customers delayed and canceled orders.

Net income dropped 80% to $22.3 million, or 1 cent per share, in the three months ended in September from $113.9 million, or 5.08 cents, a year earlier, the company said today in a statement to the Singapore stock exchange. Third-quarter sales fell 24% to $752 million.

The shipyard has had more than 50 orders delayed since October last year and affiliate China Cosco Holdings Co. canceled eight vessels in July as transport rates plunged amid a global recession. Shipyards in China, the world’s second-biggest shipbuilding nation, may delay delivery of about 18% of vessels scheduled to be completed this year, according to the China Association of the National Shipbuilding Industry.

“Our operating environment is expected to stay challenging for the near term as the industry struggles against the tide of stuttering global trade,” Cosco Singapore Vice Chairman and President Jiang Li Jun said in the statement.

Cosco Singapore fell 1.8% to close at $1.10 before the earnings announcement in Singapore. The stock has advanced 16% this year, compared with a 49% gain in the benchmark Straits Time Index.

BOOM ENDS
Shipping lines globally have parked vessels and cut services to curb excess capacity caused by plunging demand and the launch of new ships ordered during a trade boom that ended last year. The Baltic Dry Index, a measure of commodity-shipping costs, slumped a record 91.5% last year.

Cosco Singapore’s order book stood at US$6.3 billion at the end of September with deliveries stretching into 2012, the company said today.

Cosco Singapore, which operates yards in Dalian, Nantong, Shanghai, Zhoushan and Guangzhou in China, is a unit of China Ocean Shipping Group Co., the nation’s largest sea-freight group.

Revenue from ship repairs, shipbuilding and marine- engineering operations dropped 21% to $721.3 million, Cosco Singapore said. Sales from the bulk-shipping business fell 63% to $26.7 million.

Of the 44.7 million deadweight tons of vessels expected to be delivered globally this year, 23 million tons were handed to shipowners in the nine months to Sept. 30, according to Clarkson Plc, the world’s largest shipbroker.

[boy2man]

bought 20 lots at 1.06

[Acolyte of davidau35]

[sci80899]

[danielc156]

No 5.00 No SELL

[$師奶股神$]

Just bought 6lots @ $1.09... will keep for many many many yrs

[blustar]

bgt some at 1.07 . soon, will move up.

See Aviation sector recovering already. Soon, will be shipping and ships ...

[happyup8]

i also bought


covering from panic sellers who will buy again from me next week