COSCO Shipping International (Singapore) Co.(formerly: COSCO Corporation (Singapore))

[CityFarmer]

It is real ugly, more than 71% plunge in profit...

(not vested)

COSCO Corp full-year profit plunges 71%

SINGAPORE - Chinese shipbuilder COSCO Corp (Singapore) on Monday reported a 71 per cent fall in full-year 2013 net profit, due to lower profit contributions from ship building and marine engineering segments.

COSCO Corp, a subsidiary of state-owned maritime industry giant China Ocean Shipping (Group), said its full-year net profit stood at S$30.6 million.

The company did not state its fourth-quarter results. In the first nine months of the year, its net profit slumped 68 per cent to S$26 million.

The shipbuilder said its order book was at US$7.8 billion (S$9.9 billion), up from US$7.2 billion a quarter earlier. REUTERS
http://www.todayonline.com/business/cosc...plunges-71

[greengiraffe]

The generals have already jumped off this former darling ship long time ago...

It is real ugly, more than 71% plunge in profit...

(not vested)

COSCO Corp full-year profit plunges 71%

SINGAPORE - Chinese shipbuilder COSCO Corp (Singapore) on Monday reported a 71 per cent fall in full-year 2013 net profit, due to lower profit contributions from ship building and marine engineering segments.

COSCO Corp, a subsidiary of state-owned maritime industry giant China Ocean Shipping (Group), said its full-year net profit stood at S$30.6 million.

The company did not state its fourth-quarter results. In the first nine months of the year, its net profit slumped 68 per cent to S$26 million.

The shipbuilder said its order book was at US$7.8 billion (S$9.9 billion), up from US$7.2 billion a quarter earlier. REUTERS
http://www.todayonline.com/business/cosc...plunges-71

[greengiraffe]

http://www.businesstimes.com.sg/companie...3-earnings

Cosco posts 69% rise in Q3 earnings
By
Malminderjit Singhmsingh@sph.com.sg@MalminderjitBT
4 Nov5:50 AM
Singapore

MAINBOARD-listed Cosco Corporation (S) announced Q3 net profit of S$7.1 million, 69 per cent higher than the S$4.2 million it made during the same period last year.

For the three months ended Sept 30, the shiprepair & marine engineering and shipping group saw its

[greentea]

Oil price plunge - another profit warning

Cosco Corp warns of lower full-year earnings due to oil price plunge
By Teh Shi Ning tshining@sph.com.sg @TehShiNingBT

9 Jan 6:07 PM
COSCO Corporation has warned that its earnings for the year ended Dec 31, 2014, will be significantly lower than those for the year ended Dec 31, 2013, due to the steep fall in crude oil prices over recent months.

The oil rout has had an adverse impact on the global offshore marine industry, and specifically led to a S$90 million one-off charge for the firm's discontinued Octabuoy hull and topside module project....

http://businesstimes.com.sg/companies-ma...ice-plunge

[butcher]

COSCO issued an announcement with earnings guidance
http://infopub.sgx.com/FileOpen/COSCO_Ea...eID=330931

COSCO now want to discontinue the project and will suffer an one-off charge of S$90m. Going to wipe off all recovery made so far by the company.
http://infopub.sgx.com/FileOpen/COSCO_Oc...eID=330930

[greentea]

http://businesstimes.com.sg/stocks/hot-s...s-guidance

Hot stock: Cosco down after earnings guidance
By Mindy Tan tanmindy@sph.com.sg @MindyTanBT
12 Jan 10:54 AM
SHARES in Cosco Corporation slid to S$0.55 in trading on Monday morning as at 10.45am, following an earnings guidance on Friday. The counter ended trading previously at S$0.60. It opened on Monday morning at S$0.55...

[CityFarmer]

The impact of a lower oil price...

Cosco Corp to delay delivery of two rigs

SINGAPORE (April 1): Cosco Corp ( Financial Dashboard) has hit yet another roadblock.

Its subsidiary Cosco (Dalian) Shipyard has received a request from a ship owner to push back the delivery of two drilling rigs.

The rigs were part of three projects Cosco secured in November 2013 worth more than US$380 million.

They were initially scheduled to be delivered in 1H2016 and 2H2016 respectively. The buyer had an option to order an additional two rigs.

"Cosco Dalian acceded to the rescheduling of the delivery of the drilling rigs upon the request of and after negotiations with the ship owner," Cosco said in a statement today.

The rigs will now be delivered in December next year and June 2017 respectively.
...
http://www.theedgemarkets.com/sg/article...y-two-rigs

[butcher]

http://infopub.sgx.com/FileOpen/COSCO%20...leID=25493

Revenue increased to $4.261b - highest in 5 yrs
PBT & PAT fell to $17m & $26m respetively - lowest in 5 yrs
EPS: 0.9 cts
NAV: 61 cts
ROE: 1.5%
ROA: 0.2%
Debt to Eqty: 2.23x (FY13: 1.74x)

shipyards are v competitive now and tender at cut-throat prices and damn attractive payment terms to customers as read from can, Bloomberg previously. they are operating with projects with lower margins which to them is better than no margin (no revenue) as to keep the yards running thus needs good efficiency and cost effectiveness in execution of these projects else any costs overruns will be costly.

results for FY14 actually quite ok until the 1-off $91.4m write-down of the octabuoy hull as the customer, ATP Oil & Gas faced financial distress. adjusting for this 1-off event cetris paribus, EPS approx. 5cts

hopefully cosco will be able to keep tight lid on costs for coming year which will gradually and hopefully see a turnaround. 明天会更好

major shareholders being:
china ocean shipping (group) company - 53.35%
SembCorp marine ltd - approx. 4.98%

[corydorus]

Will the one-off event be many considering industry weakness and poorer quality customer base ?

[CityFarmer]

What catch my attention, is the detail of the contract, very favorable to shipowner. It shows how desperate of cosco for the contract...

(not vested)

Cosco unit to extend delivery deadline for two remaining PSVs to US customer

SINGAPORE (May 28): Cosco Corporation (Singapore) ( Financial Dashboard) said a US ship owner and Cosco Guangdong have mutually agreed to extend the delivery dates of two PSVs, originally scheduled for delivery in early 2014, until 30 June 2016.

On March 22, Cosco announced the signing of contracts by Cosco (Guangdong) Shipyard Co. with the US customer for the construction of four UT 771 CDL Platform Supply Vessels (PSVs) for over US$105 million in total.

Two of the PSVs were completed on 15 December 2014 and 17 February 2015 respectively.

To date, the construction of the two PSVs has also been significantly completed.

Under the new agreement, the shipowner can elect to take delivery of any one or both of the completed PSVs at any time prior to 30 June 2016 or “such date may be further extended by mutual agreement of the parties”.

Cosco said if the shipowner does not take delivery of either of the remaining PSVs, Cosco Guangdong will refund to the shipowner the instalments paid on the PSV of US$5.4 million per vessel together with interest.

The shipowner will also relieved of the obligation to pay to Cosco Guangdong the remaining payment under the shipbuilding contract.

Cosco closed 0.5 cent lower at 5.25 cents yesterday.
http://www.theedgemarkets.com/sg/article...s-customer