The giant shipowner recorded a CNY 1.88bn ($300.55m) reversal in the first quarter of 2014, a fractional improvement on the CNY 1.99bn loss at this stage in an ultimately profitable 2013.

Cosco says revenue for the quarter slipped to CNY 14.21bn in a period which saw its dry cargo shipments sliced by 25%.

Struggles were also evident in its container shipping division, where a 7% rise in volumes was followed by a mere 1.8%