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.
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