Another shipper, China Shipping Container Lines Co Ltd, was more fortunate. It escaped the "special treatment" category after saying this month that it expected to post a net profit for 2012, helped by sales of container boxes to its parent.

The global shipping market remains challenging in 2013 amid a lingering supply glut and weak demand, which have wounded China COSCO and other international shipping firms in the past two years, analysts said.

The Baltic Exchange's main sea freight, which tracks rates for ships carrying dry commodities such as iron ore and coal, fell about 60 percent in 2012 to its lowest year-close since 1986.

The index has rebounded 14 percent so far this year, but the market outlook remains weak and volatile, analysts said.

CLSA forecasts China COSCO to post a net loss of 7.8 billion yuan in 2012 and a 2.4 billion yuan loss in 2013.

COSCO, controlled by state-owned China Ocean Shipping (Group) Company, operated 171 container vessels and 337 bulk cargo vessels at the end of September. About 220 of the bulk cargo vessels were owned by the company.

It also controls COSCO Pacific Ltd, a container lessor and port operator.