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CSCL doubles H1 loss to $200m

CSCL doubles H1 loss to $200m
Hong Kong: China Shipping Container Lines (CSCL) doubled its net loss in the first half as operating costs increased amid the sluggish container shipping market.

The Hong Kong-listed firm suffered a first half net loss of RMB1.28bn ($201.39m) compared to a loss of RMB630.34m in the same period of last year.

The consolation was a 9.6% year-on-year increase in revenue to RMB15.31bn during the six-month period.

“At the beginning of 2012, the shipping market extended the sluggish trend of 2011. Demand from the European and US economies remained weak, while the container transportation capacity expanded continuously. Fuel prices also remained persistently high, creating immense pressure on shipping companies,” CSCL said.

Looking ahead, the container shipping market will have to endure factors such as volatile oil prices and competition as challenges and opportunities co-exist, it added.