Hong Kong-listed CSDC posted full year net profit of RMB1.08bn ($171m), a decrease of 37.2% compared to net profit of RMB1.72bn in 2010.
Revenue for the year ended 31 December 2011 stood at RMB12.16bn, up 7.8% from RMB11.28bn.
CSDC said various kinds of costs increased at different extent and posed challenges to the group on cost control and operation management.
The fuel cost incurred by the group in 2011 was approximately RMB5.02bn, an increase of 30.5% compared with 2010, representing 47.1% of the total operating cost.
“The situation of excessive shipping capacity supply in the international shipping market is unlikely to have fundamental improvement in the short-term, and the world's oil transportation and dry bulk shipping markets are expected to fluctuate at low levels,” CSDC said.
“Meanwhile, international oil price is expected to continue fluctuating at high levels in 2012, and the pressure of rising operating costs on shipping enterprises will continue to increase.”
As at 31 December 2011, CSDC owned 189 tankers and bulkers with a total capacity of 13.25m dwt. This year, 44 new vessels with a total tonnage of 4.02m dwt are slated to be delivered, including 13 tankers and 31 bulk carriers.
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