Cosco expected to return to substantial profitability in 2015

[SHANGHAI] The tide may be turning for state-backed shipping company China Cosco Holdings Co Ltd as a slower influx of new vessels and an uptick in global trade begin to lift the industry from its longest slump in three decades.

Cosco, China's top shipping line, is expected to return to substantial profitability in 2015 after five lean years, Reuters data shows.

On Thursday, the company reported a first-half loss of 2.28 billion yuan (S$463.6 million), compared with a loss of 990 million yuan in the previous year.