As TradeWinds reported yesterday the Chinese giant recorded a profit of CNY 235.5m ($37.88m) for 2013 to avoid ejection from the Shanghai Stock Exchange.

Analysts dismissed the black number as a “manufactured gain” brought about by the sale of two profitable units and its loss-making logistics division.

Jon Windham of Barclays says Cosco continues to struggle with high-cost dry cargo contracts and has not yet registered any impairment charges on its owned fleet.