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China Shipping Development expects $48m profit in 2014

China Shipping Development expects $48m profit in 2014
China Shipping Development Corp (CSDC) will return to profit for the financial year 2014 against the backdrop of higher tanker shipping rates and cost control.

The tanker and dry bulk shipowner said it is expecting to post a profit of approximately RMB300m ($48m) in 2014, as against a loss of RMB2.3bn in 2013.

CSDC added that it benefited from ship scrapping state subsidy worth RMB456m in the second half of last year.