The warning is the latest example of a state-owned Chinese company reporting huge losses from hedging operations.
Cosco blamed “the dramatic change in the recent market” and the drastic drop in freight rates for losses on forward freight agreements, which provide a hedging tool for ship operators.
But analysts said Cosco's positions and subsequent losses were unusually large and could mean the company had beyond hedging by speculating on a rebound in Chinese demand for iron ore, wheat and other commodities shipped by its dry-bulk subsidiaries.
您已閱讀31%(547字),剩余69%(1222字)包含更多重要信息,訂閱以繼續(xù)探索完整內(nèi)容,并享受更多專屬服務(wù)。