News / COSCO back in the black, with a little help from its state friends

© Vladimir Serebryanskiy

COSCO Shipping posted a net profit of $264m in 2017, reversing a loss of $1.1bn in the previous year, as it targets a June date for closing the $6.3bn takeover of Orient Overseas International Lines (OOIL) and its container line arm, OOCL.

Turnover at the Chinese state-owned carrier leapt 30%, compared with the previous year, to $12.8bn, although revenue from the merger of Chinese Shipping Container Line (CSCL) was not consolidated until March 2016.

Similarly COSCO’s liftings were up by 24% on ...