Cosco Shipping Specialized Carriers increases net profit

Cosco Shipping Specialized Carriers, a multipurpose freight shipping company, recorded a strong increase in its net profits (not yet audited) during the first quarter ended March 31, 2017. This was mainly due to the high returns from its capital investments.

Cosco has registered an increase in its profits.

Cosco has registered an increase in its profits.

Profits for the first quarter of 2017 were $1.61 million, recording an astronomical increase of 1,104% compared to a gain of around $133,400 in the same period of 2016.

Cosco Shipping Specialized Carriers said the increase in profits was due to strong capital investment returns and an improved shipping environment, according to the company’s brief, unaudited financial statement.

Cosco Shipping Specialized Carriers is a subsidiary of China Cosco Shipping Corporation Limited (Cosco Shipping) which operates a fleet of more than 150 ships with heavy lift vessels, semi-submersibles, ro-ro ships and icebreaker vessels.

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