Colum Murphy at WSJ writes:
SHANGHAI—China Cosco Holdings Co., the country’s largest shipping company by fleet size, said it expects to report a large net loss for 2012, marking the second year of losses in a row and an imminent downgrading of the status of its yuan-denominated A shares by the Shanghai Stock Exchange. State-controlled Cosco, whose businesses include container and dry-bulk shipping as well as port operations, said Friday the expected loss would be the result of a weak container shipping market and high fuel costs.
Weak container shipping reflects poor manufactured exports.
Read more at Cosco Expects Large 2012 Loss – WSJ.com.