Cosco Corp begins new year in the red

Cosco Corp of Singapore has reported a red bottom line due to the dire shipbuilding and dry bulk markets.

The shipbuilder logged a net loss of SGD 11.75m ($8.6m) against a profit of SGD 4.25m in the same stretch of 2015.

It blamed fewer orders and depressed bulker rates for the weak result in the first three months of the year.

Wu Zi Heng, president of Cosco Corp, said: "Pressing forward, we must keep our fingers firmly on the pulse of the market, remain agile and leverage on our strengths and competitive advantages to tide through the difficult time."

Cosco