The Shanghai and Hong Kong-listed shipping firm posted first half loss of RMB948.55m ($154.79m) compared to a deficit of RMB492.39m in the same period of last year.
Revenue during the period dipped slightly to RMB5.25bn compared to RMB5.67bn a year ago.
“Even though shipowners have slowed down their newbuilding orders and quickened the demolition of old vessels, the oversupply of shipping tonnage remains unabated,” CSDC said in a statement.
“The operating environment for the global shipping market is expected to remain difficult in the second half of 2013. The group expects to record a loss in the first nine months of 2013,” it added.
CSDC operates a fleet of oil tankers, dry bulk carriers and LNG carriers.
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