CHINA-ECONOMY: COSCO EXECTS HUGE PROFITS AS COMMERCIAL SHIPPING REBOUNDS AFTER ECONOMIC DOWNTURN CAUSED BY COVID
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China Cosco Shipping Corp. Ltd., the world’s No. 3 shipper by capacity, said it expects to book a stunning jump in profits for the first quarter this year, buoyed by a continued rebound in the ocean freight market as the world economy emerges from the worst of a downturn caused by the Covid-19 pandemic. Cosco said it expects to report nearly 15.5 billion yuan ($2.4 billion) in net profit for the first three months this year, a 53-fold surge from about 292 million yuan in the same period in 2020, according to a statement it filed on April 8 to the Hong Kong Stock Exchange.
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