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CSCL back in the black in 2012

Shanghai: China Shipping Container Lines (CSCL) emerged from a 2011 net loss to post a net profit of RMB524.92m ($84.43m) due largely to non-operating gains.

Lee Hong Liang, Asia Correspondent

March 27, 2013

1 Min Read
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The Shanghai- and Hong Kong-listed container line of state-owned China Shipping Group returned to the black last year from a massive deficit of RMB2.74bn.

CSCL said the profit “mainly consisted of gain from disposal of a proportion of self-owned containers by the company.”

Revenue in 2012 rose to RMB32.55bn from RMB28.25bn due primarily to increase in volume of loaded cargoes and rise in freight rates.

Despite freight rates improving at the start of 2012 compared to a year earlier, it remains difficult for the container shipping sector to be optimistic in 2013, according to CSCL.

Li Shaode, chairman of China Shipping Group, commented that the oversupply situation of shipping capacity will see no genuine improvement in the near future, as 258 ships with a total capacity of 1.59m teu will be delivered in 2013, raising new global capacity by 7.3%.

In addition, uncertainties such as global economy and trade development, volatile bunker fuel prices and competition will continue to hinder the development of the industry, he added.

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.

 

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