China COSCO Holdings Co is Asia's largest container shipping company and the second-largest in the world, following a Chinese government-led merger last year. The company recently reported a sizeable loss in the first half of 2016 as excess capacity dragged down cargo rates. The net loss was 7.21 billion yuan (US$1.1 billion) in the six months to June, compared with a restated 1.97 billion yuan profit a year earlier, in a statement to the Shanghai stock exchange on Thursday. Sales dropped 8.5% to 30.9 billion yuan. It was the company's first earnings report since the merger.