China’s major shipping companies returned to profit in 2010 as demand and freight rates recovered after falling during the global financial crisis.China Shipping Container Lines Co. Ltd., the country’s largest container shipper by capacity, said late on Tuesday its net profit for the 12 months ended Dec. 31 was RMB 4.2 billion, compared with a net loss of RMB 6.49 billion in 2009, Business China reports.
The company generated revenue of RMB 34.83 billion in 2010, up 74.72% year-on-year, while its earnings per share rose 164.78% from one year earlier to RMB 0.359.
China COSCO Holdings Co Ltd , the listed flagship of state-owned China Ocean Shipping (Group) Co., also said this week that the company swung to a 2010 net profit of RMB 6.86 billion from a net loss of RMB 7.47 billion a year earlier, as energy-related bulk and container shipping volumes recovered from the global financial crisis.
Analysts expressed concern the strong earnings for the shipping industry last year may not be repeated in 2011, as oversupply of bulk shipping capacity continues to increase.
COSCO Holdings forecasted that global bulk shipping capacity could rise by about 14% this year, higher than an estimated 6% growth in major dry bulk cargoes global shipping volumes.
COSCO Pacific Ltd. , COSCO Holding’s sister company and Asia’s third-largest container-terminal operator, on Wednesday said 2010 net income hit HK$361.3 million from $172.5 million a year earlier, which is in line with the HK358.4 million average of 17 analyst estimates complied by Bloomberg.
The company's terminals handled 19% more containers than a year earlier as Chinese exporters boosted shipments of auto parts, furniture and clothes to the U.S. and Europe, the Hong Kong-based company said in a statement to the local stock exchange.
The company generated revenue of RMB 34.83 billion in 2010, up 74.72% year-on-year, while its earnings per share rose 164.78% from one year earlier to RMB 0.359.
China COSCO Holdings Co Ltd , the listed flagship of state-owned China Ocean Shipping (Group) Co., also said this week that the company swung to a 2010 net profit of RMB 6.86 billion from a net loss of RMB 7.47 billion a year earlier, as energy-related bulk and container shipping volumes recovered from the global financial crisis.
Analysts expressed concern the strong earnings for the shipping industry last year may not be repeated in 2011, as oversupply of bulk shipping capacity continues to increase.
COSCO Holdings forecasted that global bulk shipping capacity could rise by about 14% this year, higher than an estimated 6% growth in major dry bulk cargoes global shipping volumes.
COSCO Pacific Ltd. , COSCO Holding’s sister company and Asia’s third-largest container-terminal operator, on Wednesday said 2010 net income hit HK$361.3 million from $172.5 million a year earlier, which is in line with the HK358.4 million average of 17 analyst estimates complied by Bloomberg.
The company's terminals handled 19% more containers than a year earlier as Chinese exporters boosted shipments of auto parts, furniture and clothes to the U.S. and Europe, the Hong Kong-based company said in a statement to the local stock exchange.