COSCO Shipping issued guidance for the first quarter that profits will be RMB 260 million ($38 million). That compares to analysts’ forecasts of a loss for the full year, and would be the result of faster volume- and achieved-rate growth than expected. The company already outperformed revenue forecasts by 30% in the fourth quarter, partly due to higher exposure to faster growing intra-China rates than its international peers. While first quarter shipping rate indices expanded 7% vs. the fourth, those between mainland China and Hong Kong fell 2%. Nonetheless, positive developments from...