Cosco (China Ocean and Shipping Co.) is the world’s biggest shipping company and is a proud of China’s shipping industry. It is also one of China’s biggest state owned enterprises that is listed in Shanghai and Hongkong. The fate of Cosco in 09, however, is much more difficult than one would imagine (See Article from Beijing Review). According to its quarterly report, the operating revenue in Q1-Q3 09 dropped almost 60% compared to last year. Cosco is not alone among China’s shipping companies that face difficulties. Most breakbulk vessel operaters and container lines went through hard times as BDI corrected in 08 (See Article from Chinatells). The global container freight normally goes with BDI hand in hand. In addition, there are record numbers of vessels coming out of the ship yard in the next 2 years thanks to the orders that were made 5 years ago. The winter seems not over yet for the shipping companies.