"Such expected loss of the company for the year ended 31 December 2013 is mainly attributable to the subsequent effect of the global financial crisis, the slow recovery of the world economy, the unbalanced and unsynchronised development of the main economic systems, the increased supply and demand imbalance of the container transportation market and the continuous low container transportation fee," CSCL said in a stock market announcement.
In explaining the loss, although not really saying anything the industry did not already know, CSCL said: "Faced with severe economic situations, the company reasonably and actively coped with the challenges and insisted on focusing on efficiency and the company has taken the initiative to promote the increase of the container transportation fee by adjusting its operational strategy flexibly. However, due to the insufficient shipping volume caused by the severe imbalance of supply and demand in the international container transportation market, the company expects to record a loss for the year ended 31 December 2013."
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