CSCL issues positive profit alert for 2014

CSCL said the profit will be approximately RMB1.05bn ($168m) for the year ended 31 December 2014 as against a loss of RMB2.65bn in 2013.

The shipowner said the expected profit is mainly attributable to a slow recovery of the overall global economy amid the still unbalanced supply and demand in the shipping market.

“However, the company strengthened management innovation, strictly controlled operating costs, continuously optimised fleet structure, improved shipping routes network and expanded international cooperation, and thus realised turnaround from loss in the core business of the company despite the tough market conditions,” it said.