China's Cosco Shipping Holdings saw first-half results dive due to oversupply of large container vessels and high bunker costs.
Though demand for container transportation "grew moderately" and global cargo volume rose by 6.2%, Cosco's bottom line took a hit as oversupply overtook demand growth, sinking freight rates. Costly fuel also increased expenses for the liner company.
Cosco's first-half earnings plummeted 98% to 40.8m
