BBG: PSA’s CK Hutchison Ports $4bn stake sale attracts China giants, sources say
BLOOMBERG reports: Chinese state-owned conglomerates China Merchants Group and China Cosco Shipping Corp. are among the ...
China’s second largest boxship line, China Shipping Container Lines, has announced a net loss of $431m, following weak demand and overcapacity. However, it said it expected volumes to rise 4.4% this year – although whether that can translate into profit will depend on its ability to hold rates. It was a better week for ports, however. China ports operator Cosco Pacific, boosted by the sale of its 21% stake in China International Marine Containers for $393m, reported a rise in earnings to $702.7m and announced plans to look for new port acquisitions. And Singapore-headquartered terminal operator PSA announced a net profit of $1.13bn.
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