COSCO Shipping Dismisses Another Dormant Business

COSCO Shipping International (Singapore) has decided to dissolve a defunct subsidiary, namely Sanbo Shipping Limited, by deregistration.

The company informed that the Hong Kong-incorporated subsidiary has been dissolved subsequent to the scrapping of the vessel owned by Sanbo.

The deregistration of Sanbo “is not expected to have any material impact” on the net tangible assets and earnings per share of the company for the financial year ending December 31, 2018, COSCO Shipping International said.

The company added that none of the directors or controlling shareholders of the company has any interest, direct or indirect in the deregistration of Sanbo.

In its profit guidance for the first quarter of 2018, released in late April, COSCO Shipping International said that it expects to deliver a profit for the period ended March 31.

The first quarter results “will show a profit as compared to the net loss recorded in the corresponding period of the previous financial year,” which would be mainly attributable to contributions from Cogent Holdings Limited and PT Ocean Global Shipping.