The group recorded loss from continuing operations in dry bulk shipping and other businesses of SGD 27.1 million on turnover of SGD 37.2 million for FY 2017.
Group turnover from continuing operations decreased by 8.2 pct year-on-year mainly due to a decrease in shipping revenue from a smaller fleet of bulk carriers.
Currently, the group’s dry bulk shipping fleet comprises three Handymax carriers, having scrapped seven bulk carriers by the end of last year.
Commenting on the market outlook, COSCO said that given the fact that the world dry bulk shipping market is still seeing excess tonnage and overall poor macroeconomic conditions, any recovery in the dry bulk shipping segment will remain weak.
Other losses increased by SGD 21.5 million to SGD 24.3 million for 2017 mainly due to the loss on disposal of property, plant and equipment.
The group recorded net profit from discontinued operations of SGD 166.9 million for 2017 which included gain recognized on the disposal of subsidiaries of SGD 373.6 million, offset by loss from discontinued operations of SGD 206.7 million. Profit from discontinued operations attributable to equity holders stood at SGD 291 million.
This relates to the group’s shipyard business in China, which it agreed to dispose of in 2017.
Namely, the group sold its 51 pct equity interest in Cosco Shipyard Group, 50 pct equity interest in Cosco (Nantong) Shipyard and 39.1 pct equity interest in Cosco (Dalian) Shipyard.
The company added that all conditions for its acquisition of a 40 pct stake in Jakarta-based PT Ocean Global Shipping for USD 10.24 million have been met and that the transfer of shares has been completed. Payment will be made no later than December 31, 2018.
PT. Ocean Global Shipping is engaged in logistic service, container canvassing and management, ship agency and chartering and bunkering.
OUCO Marine/Offshore Knuckle boom crane
OUCO Marine/Offshore knuckle boom cranes are designed to lift high loads with extended jib and provide the operator with great flexibility during lifting operations. OUCO Marine/ Offshore knuckle boom cranes range is available from 0.5t to 150t. The knuckle boom cranes are with easy maintenance and efficiency by taking small space. The improved level of control makes the crane ideal for offshore lifting operations in higher sea states to deal with big waves. Another advantages for OUCO Marine/Offshore knuckle boom cranes are:
Hydraulic type makes the crane maintain easily;
Flexibility by extending booms;
Smaller ones takes very limited space on the vessel/ship/shipyard;
Bigger ones can do heavy duty loads in several working conditions.
The innovative design of the knuckle boom crane allows workers to perform great number of logistic tasks. The function of these heavy duty machines is to load and unload heavy materials from one location to another.Due to its durable construction technologies and precision, knuckle boom crane provides an extra solid hand to any workforce. With its great lifting power, payload space and maneuverability, knuckle boom crane successfully replaces manpower.
Typical Applications: Provision cranes, Service cranes, Container and cargo handling cranes.
Lifting of personnel – man-riding
External hydraulic power packs
Active Heave Compensation (AHC)
Passive Heave Compensation(PHC)
Design according to rules and regulations API 2C.
Class Societies like ABS, CCS, DNV, LR, RMRS, etc.
Diesel hydraulic drive