Shipping lines adrift in stormy economic seas
By Zhong Nan | China Daily | Updated: 2013-07-19 07:32
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China Cosco Holding Co Ltd invested heavily to expand capacity in 2008, when international freight rates were at record highs. But as the economy further slows and demand shrinks, its huge capacity has become a big liability. Xu Peiqin / For China Daily |
Limited cashflows, weak demand, higher costs batter hard-hit sector
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