This is dark news with deeper meaning...
COSCO, the largest integrated shipping company in China and the second largest in the world, has reported the largest losses within the shipping industry so far for the 2011 calendar year.
The shipping conglomerate saw its profits of RMB 6.79 billion ($1.07 billion) achieved in 2010, turn into a loss of Rmb10.5 billion ($1.66 billion) last year, while COSCO’s revenues dropped 12.3 percent year-on-year to approximately RMB 84.6 billion.
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