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China Shipping Development losses widen in 2013

China Shipping Development losses widen in 2013
Losses widened for China Shipping Development (CSD) in 2013 despite higher revenues.


The bulker and tanker unit of China Shipping Group reported a net loss of RMB2.2bn ($355.4m) for the year ended 31 December 2013, worsening from a deficit of RMB73.7m in 2012. Revenue, however, rose slightly to RMB11.4bn compared to RMB11.2bn.
CSD pointed out that the wider losses was due largely to the impairments on 20 vessels that the company plans to dispose during the coming year.