Cosco’s Profit Drops by Half as Lower Freight Rates Bite

Cosco Shipping Holdings Co. reported a 50% drop in first-quarter profit on weaker freight rates, warning that war in the Middle East has posed “significant challenges” for the industry.

Net income fell to 5.9 billion yuan ($863 million) from 11.7 billion yuan a year earlier, according to a filing Wednesday. Revenue dipped 11% to 51.8 billion yuan, with the transpacific route seeing the biggest growth decline.