Shares of Cosco Corp Singapore sunk to their lowest in more than 11 years after the company said it will post a "significant net loss" in the fourth quarter.
The shipbuilding division of China’s China Ocean Shipping Group fell as much as 19% to $0.305 on Monday, the lowest intraday price since February 2004.
As at 9.56am, Cosco Corp was trading at $0.32. The stock has fallen 43% this year, compared with a 16% decline in the benchmark Straits Times Index.
The company says it expects a significant loss in the fourth quarter as some offshore contracts are deferred or may potentially be cancelled, Cosco Singapore said last Friday.
Its shares had been halted since August as its parent China Ocean Shipping Group was in talks to merge with China Shipping Group.
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The shipbuilding division of China’s China Ocean Shipping Group fell as much as 19% to $0.305 on Monday, the lowest intraday price since February 2004.
As at 9.56am, Cosco Corp was trading at $0.32. The stock has fallen 43% this year, compared with a 16% decline in the benchmark Straits Times Index.
The company says it expects a significant loss in the fourth quarter as some offshore contracts are deferred or may potentially be cancelled, Cosco Singapore said last Friday.
Its shares had been halted since August as its parent China Ocean Shipping Group was in talks to merge with China Shipping Group.
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