Hong Kong: State-owned shipping conglomerate, China Shipping Development Co., has reported interim profits down 19.4% at RMB1.29bn despite a 9% increase in revenues to RMB4.59bn. High oil prices were fingered as the culprit pushing operating costs up 31.6% over the equivalent period last year. CSD nevertheless managed to grow shipping volumes 20% with only a 12.3% growth in fuel consumption and will continue in the second half to seek economies in operating costs. The group, with more than 440 vessels totalling 15m dwt, intends to continue to concentrate on building a world class tanker fleet by 2010. China Shipping Container Lines is another major business unit. (24/08/06)
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