SHANGHAI (Reuters) - China COSCO Holdings Co Ltd <601919.SS> (HK:1919) fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.
COSCO Shipping reported a first-half loss of 7.2 billion yuan ($1.08 billion yuan) versus a profit of 1.9 billion a year earlier, the company said in a filing to the Shanghai stock exchange.
COSCO is grappling with weak global demand that has dragged down the sector.
In the first quarter, it reported a net loss of 4.5 billion yuan.
China COSCO is part of China Cosco Shipping Corporation (COSCOCS), a shipping giant created earlier this year from the state-driven merger of former rivals China Ocean Shipping (Group) Company (COSCO.UL) and China Shipping Group [CNSHI.UL].
Global shipping is mired in its longest downturn in three decades as operators struggle with an oversupply of vessels and depressed freight rates.