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Ningbo Marine more than doubles 2015 profit

China’s Ningbo Marine has more than doubled its net profit in 2015, aided by government subsidy from scrapping of two vessels.

Lee Hong Liang, Asia Correspondent

March 29, 2016

1 Min Read

Kalyakan - stock.adobe.com

The full year profit jumped to RMB16.05m ($2.47m), up 116.7% from the gain of RMB7.41m in 2014.

Shanghai-listed Ningbo Marine said the improvement was due mainly to other income of approximately RMB35m in government subsidy for sending two vessels to the scrapyard.

Revenue for 2015, however, decreased by 3.9% year-on-year to RMB1.05bn.

Ningbo Marine operates a fleet of 17 bulk carriers with a total carrying capacity of 808,000 dwt.

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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