“Such loss in the consolidated net profits of the group was mainly due to the insufficient demand in both domestic and international shipping markets and the oversupply of shipping capacity, and in turn resulted in the ongoing decrease in the freight rates,” CSD said in a statement.
“In addition, the continuing increase in international oil prices caused the group's fuel cost to remain at a high level,” it added.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.