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Cosco Pacific, the mainland's largest port operator, said that it would take a more conservative approach towards overseas port projects because the world trade outlook remained uncertain, the South China Morning Post reported.
Its parent China Cosco Holdings also said it would continue to keep a lid on capacity growth by cancelling or postponing some ship orders or cancelling vessel charters after it reported US$607.1 million loss for the first six months, compared with a $2.3 billion profit a year earlier.
Cosco Pacific has cancelled orders for eight bulk vessels built by its sister company in Singapore, reflecting volatile bulk freight rates.
The firm, also Asia's largest shipping conglomerate by market capitalisation, said it would strengthen co-operation with members of the CKYH Alliance – a container shipping grouping formed by Cosco, K-line, Yang Ming Shipping and Hanjin Shipping – to establish vessel pools for Asia-Europe and transpacific routes in a bid to reduce overall capacity on the embattled routes.
Cargonews Asia
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