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Cosco Shipping has announced a 42% hike in profits for the six months to June and challenged suggestions that it has gone to excess in its pursuit of OOCL. According to Splash 24/7, Cosco chairman Huang Xiaowen said the $6.3bn bid for the Hong Kong-based carrier was not overpriced, but would provide heightened operational efficiency and brilliant brand values. Mr Xiaowen was speaking during an earnings call, which revealed first half profits had topped $26.3m on the back of a 49% bounce in revenues to $485.6m.
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