Cosco earnings meet analysts’ expectation as box shipping rates remain sizzling
Analysts were upbeat about the outlook for Cosco Shipping Holdings, expecting its profitability to remain strong in the following quarters of this year, backed by improving market fundamentals
Leading Chinese investment bank CICC expects the state-owned giant to continue to benefit from strong rates even after the traditional summer peak season in container shipping this year. Sea-Intelligence notes that a 10% capacity increase by carriers so far has not prevented rates from shooting to new record highs while the bullish spot market has begun to trickle into contract rates
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