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Sinotrans sees $1.9m 2014 profit

Sinotrans sees $1.9m 2014 profit
Sinotrans Shipping turned in a small 2014 profit of $1.86m even though revenue fell 8% to $1.21bn.

In line with the overall dry bulk market weakness, revenue from this segment fell 13.8% to $621.1m while container shipping revenue saw a more muted 1.3% fall to $585.2m as the intra-Asia segment Sinotrans is mainly involved in fared relatively better than the other trades.

As the group moved towards more of an "operating shipowner mode", Sinotrans was actually able to generate a slight increase in income from charter hire to $200.2m from $145.3m previously. Average TCE rate also rose 9.1% to $10,074 per day for the group's dry bulk vessels.

Revenue from container shipping was slightly lower at $585.2m compared to $593.1m previously. Although income from liner service fell to $515.2m from $530.1m, income from freight forwarding and related business recorded rose to $70.0m. Volumes fell to 898,935 teu and average revenue per teu also fell to $557.