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FINWIRES

COSCO Shipping Forecasts 141% Boost in H1 Profit

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COSCO Shipping Energy Transportation (HKG:1138, SHA:600026) expects attributable profit of around 4.5 billion yuan for the six months ended June 30, up 141% from 1.87 billion yuan, as restated, a year prior.

The company attributed the forecast to significantly higher freight rates for all vessel types, according to a Friday Hong Kong bourse filing.

Other reasons included the activation of a regional emergency response plan for the Middle East and efficient communication with customers, as well an adjustment in the operating routes of various vessel types.

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