COSCO’s 2008 revenue reaches US$26.9 billion

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The COSCO Group is set to post record revenues of at least US$26.9billion in 2008, up 22 percent from the previous year.

Zhang Fusheng, Vice President of the largest shipping conglomerate in China, said that the growth was driven by the strong results in the first nine months last year, but declined to disclose the group's profits.

The state-owned company, with its businesses spreading from ports to container, dry bulk and tanker shipping, and from shipbuilding to shipping services, posted revenue of US$22 billion in 2007.

COSCO operates more than 800 vessels with total capacity reaching 53 million DWT.

The firm expects to achieve lower revenue in 2009, said Mr Zhang. He added that China's stimulus package would help cushion the fall.

Tracey Jia

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