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CSDC profits slump

Hong Kong: China Shipping Development Co's profits fell by 80% to RMB1.06bn last year, hit by a slump in both dry bulk and tanker markets. Hong Kong-listed CSDC saw its revenues slide to RMB8.73bn last year compared to RMB17.21bn a year earlier. The company described 2009 as the "most difficult year for shipping in the new century". The company sees a pick-up in demand for both dry bulk and tanker shipping in 2010. "It is expected that in 2010 demand for bulk cargo shipping will improve, while demand for the world's oil consumption will also experience a slight rebound," CSDC said. However the company also warned 2010 would be the peak year for delivery of new vessels, and overcapacity would remain prominent in the shipping market. CSDC will take delivery of 10 tankers, totaling 1.69m dwt, and 13 dry bulk vessels, totaling 1.32m dwt, in the coming year. [29/03/10]

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