Cosco posts rise in earnings

Chinese shipbuilder Cosco has recorded a 28% rise in full-year earnings to $133 million.

The earnings were buoyed by strong contributions from its ship repair and marine engineering operations.

Meanwhile, revenue jumped 39% to $778 million as the shipbuilder moved up the value chain to focus on high-yield projects. During the year, Cosco completed and secured a strong order book of high-value oil rig repair, major ship conversion and new building projects. These included the repair of VLCCs, conversion of FSO tankers from single to double hulls, as well as conversion of car carriers.

As at December, Cosco had an order book of $318 million. Ji Hai Sheng, Vice Chairman and President, Cosco Corporation, said, “For the year of 2007, the performance will be better than the year of 2006. We are confident of that, we are working towards that.”