China Ocean Shipping Company (COSCO) Holdings said its 2007 earnings rose 134.9% to US$2.8 billion, as demand for raw materials boosted freight rates for dry bulk ships, Reuters reported. This compares to a 2006 net profit of US$1.2 billion and beat the firm’s December guidance of US$2.6 billion. The listed arm of China’s largest shipping conglomerate said its 2007 results included for the first time the performance of its dry bulk cargo fleet, which it bought from its parent last year for almost US$5 billion. COSCO operates the world’s fifth-largest container fleet. Shares of COSCO have dropped 8.7% this year after nearly quadrupling last year.
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