"The current operating environment for bulk cargo-ship owners is worse than during the (2008) financial crisis," Zhang said.

The market for the second half of this year is expected to hot up as China develops its affordable housing program and Japan continues its post-earthquake reconstruction. These factors may help to drive up global demand, Zhang said.

Amos Zhang, an analyst at SWS Research Co Ltd, said he is optimistic about industrial recovery in the near future.

"The third quarter is always busy for the shipping industry. Industrial performance in container and bulk shipping are expected to recover a little," he said.

"But it is still difficult for the industry to digest the extra capacity. In the next two to three years, business in the container and bulk-shipping sector is likely to remain insipid," he added.

In the meantime, COSCO's businesses in logistics and port operation have generated profits. During the first six months, revenue from logistics surged by 71 percent year-on-year to 2.78 billion yuan.

During the same period, the container volume in the company's ports jumped by 19.7 percent year-on-year. The company is making a profit at Piraeus port in Athens, COSCO's Zhang said.