COSCO reaps the rewards of restructuring

China Ocean Shipping (Group) Co remained profitable during the first six months of this year, with net profit attributable to the shareholders reaching 1.897 billion yuan ($296 million), a 183.31 percent increase over the corresponding period a year earlier, according to interim results released by China's largest liner on Friday.

Despite the slowdown in global economic growth and weak overall demand in the shipping market, together with the continuous overcapacity and bare improvement in the supply-demand imbalance, the company managed to optimize its routes and supply structure and achieve a rebound in freight rates, said COSCO Chairman Ma Zehua.

"The company has also adjusted its allocation of global shipping capacity and improved its regional shipping route network," he said.