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China Shipping Development predicts profit in Q1

China Shipping Development Co (CSDC) has predicted a net profit of RMB50m ($8m) to RMB60m in the first quarter of financial year 2014, against the backdrop of an improving oil tanker and dry bulk shipping markets.

Lee Hong Liang, Asia Correspondent

April 4, 2014

1 Min Read

Kalyakan - stock.adobe.com

CSDC, the tanker and dry bulk arm of China Shipping Group, pointed out that it has managed to control operating costs, particularly in the areas of bunker fuel, repairs and wages, contributing to the projected profit.

CSDC posted a net loss of RMB2.2bn in 2013, worsening from a deficit of RMB73.7m in 2012. Last year's loss was largely attributed to the impairments on 20 vessels that the shipowner plans to dispose this year.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

See more from Lee Hong Liang

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