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  • 2008 July 29 06:16

    HK-listed Sinotrans Shipping H1 net profit up 231 pct

    Sinotrans Shipping Ltd said its first-half net profit rose 231 pct from a year earlier to 190.82 mln usd on strong growth in its dry bulk and container shipping businesses.
    Revenue rose 79.5 pct to 234.41 mln usd, with dry bulk shipping revenue up 94.2 pct at 209.16 mln usd and container shipping revenue rising 46.4 pct to 7.24 mln usd.
    Revenue from oil tanker shipping services, however, was down 1.5 pct at 17.2 mln usd, due to a decrease in tonnage as a result of disposal of a single-hull very large crude oil carrier.
    Sinotrans said revenue from charter hire income of its dry bulk shipping rose 89.1 pct to 168.0 mln usd due to an increase in charter hire rates for dry bulk shipping amid strong demand for shipping of raw materials such as iron ore and coal.
    Average daily charter hire rate in the dry bulk shipping business increased from 20,142 usd to 37,409 usd, up 85.7 pct.
    Looking ahead, the company expects the dry bulk shipping business to remain relatively robust in the second half of the year, helped by robust demand in China for imported iron ore, coal and crude oil. Sinotrans Shipping proposed interim dividend of 10 hk cents a share.

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