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China Shipping Development sees profit boost

Shanghai: China Shipping Development Co (CSDC), the nation's largest oil carrier, said its 2008 profit rose 16.9%, boosted by strong demand for energy-related bulk shipping services, writes China Daily. Net income climbed to 5.37bn yuan ($839m), on sales of 17.5bn yuan, 38% more than a year earlier, the Shanghai-based company said in its 2008 earnings report.

The combined transportation turnover of CSDC in 2008 reached 229.34bn ton nautical miles, up 6% year-on-year, and its core business revenue climbed 38.4% to 17.5bn yuan.

The company plans to expand by 19 ships with total loads of 2.72m tons, including 14 oil tankers of 2.26m tons and five bulk ships of 460,000 tons.

CSDC, a unit of State-owned China Shipping (Group) Co, operates a fleet of oil tankers and dry-bulk vessels mainly for carrying coal. The company has boosted cooperation with its largest customers, such as Baosteel Group Corp and PetroChina Co, through ventures and long-term contracts.  [19/03/09]

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