Jinhui Shipping and Transportation, one of Asia’s biggest listed dry bulk shipping groups, has become the latest company to warn China’s Cosco of dire consequences if it reneges on contracts, after acrimonious correspondence between the two over charter rates.
Raymond Ching, vice-president of Jinhui Shipping, which is listed in Oslo but based in Hong Kong, was speaking as the company published first-half results showing net profits down 28 per cent on the same period last year to $55m on revenue up 3 per cent to $170m. Deliveries of ships to carry iron ore,
coal and other dry bulk commodities this year have outpaced demand and depressed earnings.
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