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Bleak year ahead for Chinese yards after Q1 profits take a hit
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Published Thu, Apr 30, 2015 · 09:50 PM
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Singapore
CHINESE shipbuilders Yangzijiang Shipbuilding and Cosco Corp both posted gloomy first-quarter results on Thursday as the weak global shipbuilding industry continues to be mired in overcapacity.
Net profit and overall revenue sank for both firms, though Cosco's bottomline was much harder hit. Yangzijiang also reported thinner margins, while Cosco warned that margins on new shipbuilding projects would come under pressure.
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