China Cosco plans to sell logistics unit to lift earnings

Loss-making China Cosco Holdings, which operates the world’s largest dry bulk cargo fleet, said it planned to sell its logistics unit to boost earnings and reduce the risk of the firm being suspended from trading in Shanghai.

The shipping conglomerate, hard hit by an industry downtrend due to weak demand and a glut of vessels, warned in January that it expected to post a loss last year for a second year in a row, which would place its Shanghai-listed A shares on a watch list.

via Business feed http://www.scmp.com/business/companies/article/1189071/china-cosco-plans-sell-logistics-unit-lift-earnings