China Cosco Holdings reported a US$672m net loss in the first half of 2009, Bloomberg reported, the second consecutive interim loss for the shipping company. Its business has been badly affected by the downturn in world trade as its container volume fell 22 per cent to 2.35m teu in the first half.

The loss has put pressure on the company to cancel further orders for new container vessels after earlier cancelling a US$299m contract for eight dry-bulk ships and postponing the delivery of three other vessels.