China Shipping Container Lines Co. said Wednesday it swung to a net loss last year as the global financial crisis depressed its freight rates and squeezed traffic volume. The company, which is China's largest container shipper by capacity, said its net loss for the 12 months ended Dec. 31 was CNY6.49 billion, compared with a net profit of CNY134.69 million in 2008.
Revenue fell 43% to CNY19.94 billion from CNY35.25 billion.
The company said it holds a "cautiously optimistic" view on the market outlook and expects revenue to rise to CNY26.17 billion this year, due to expectations of a more certain global economic recovery and a sharp improvement in freight rates.
However, it cautioned that it still faces uncertainties such as rising oil prices and appreciation of the Chinese yuan.
China Shipping Container, which is listed in both Hong Kong and Shanghai, is a unit of Shanghai-based China Shipping (Group) Co., the world's eighth-largest shipping company by capacity and parent of China Shipping Development Co.
Revenue fell 43% to CNY19.94 billion from CNY35.25 billion.
The company said it holds a "cautiously optimistic" view on the market outlook and expects revenue to rise to CNY26.17 billion this year, due to expectations of a more certain global economic recovery and a sharp improvement in freight rates.
However, it cautioned that it still faces uncertainties such as rising oil prices and appreciation of the Chinese yuan.
China Shipping Container, which is listed in both Hong Kong and Shanghai, is a unit of Shanghai-based China Shipping (Group) Co., the world's eighth-largest shipping company by capacity and parent of China Shipping Development Co.