News / Cosco sails back into the black as rate improvements help boost revenue

© Vladimir Serebryanskiy

Chinese shipping giant Cosco Shipping Holdings today reported a 35% year-on-year increase in revenue for the third quarter as sit swung back into the black.

It also announced plans to raise almost $2bn through a share placement.

The company said the new funds would be used to pay the remaining bill for 20 containerships on order: five of 13,800 teu; four of 15,570 teu; five of 20,120 teu; and six 21,240 teu vessels.

Cosco recorded group revenue of Rmb67.6bn (US$10.1bn) for the first nine months of the ...