China Shipping Development posted a 61.2% jump in net profit for 2010 over the previous year from higher shipment volumes. Net profit rose to RMB1.72bn ($261.76m) last year compared to RMB1.06bn in 2009. Revenue also improved to RMB11.28bn as against RMB8.73bn the previous year. The Hong Kong-listed firm's coal shipments, oil shipments and other bulk shipments all witnessed higher volumes at 269.72bn tonne-nautical miles, an increase of 21.7% year-on-year. China Shipping Development is anticipating growth due to rising demand for oil from China, though a lot of uncertainties still remain. “Despite demand from domestic and international shipping market which will continue to grow, over capacity of global fleet will still be grim and international oil price will continue to remain high,” it said in a statement. The company is slated to take in 26 new vessels including four tankers and 22 bulk carriers with a total tonnage of 3.19m dwt. As at 31 December 2010, the company owned 176 vessels with a total tonnage of 11.37m dwt.
All news