Hong Kong: Sinotrans profits fell 69% last year and it is forecasting volatile shipping markets for the year ahead. Hong Kong-listed Sinotrans reported a net profit of $106m for 2009, compared to a $347m profit in the previous year. Revenues fell 49.8% to $229m last year down from $455m in 2008. The drop in revenues and profits was largely due to a slump in the dry bulk market with Sinotrans revenues from the sector falling to $208m in 2009, compared to $424m in the previous year. Revenues from the company's tanker business also contracted sharply to $10.3m last year, down from $50m in 2008. Looking forward Sinotrans said the shipping market would remain under pressure from global newbuilding deliveries. "As there are still plenty of uncertainties and potential risks ahead, the market will remain volatile over the year," the company said. [11/03/10]
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