China COSCO Holdings Co, which owns the world's largest bulk cargo fleet, saw its losses in the first three quarters of the year reduce 67.8% compared with the same period last year with a net profit of -654 million yuan. The net profit in Q3 realized 1622 million yuan, which made Q3 a profitable quarter excluding the extraordinary gains or losses.

China COSCO achieved profitability through selling assets, barely taking off “ST”hat. Since 2014, global shipping market has shown improvement, driving business performance improvement of China COSCO.

In the first three quarters of this year, the average of CCFI was 1102 points, slightly increasing by 0.6% with the average of 1100 points, rising 10.3%.

The analysts said that the large decline of oil price has released the pressure on operating cost of shipping enterprises. Meanwhile, with the jumping of BDI in recent days, the dry bulk market in Q4 is expected to further improve and the performance of China COSCO in 1H of 2015 is encouraging. In addition, COSCO has signed long-term shipping contract with Vale, which will be positive for the long-term development of COSCO.