China Shipping widens loss 928pc, allows shipbuilding options lapse

HONG KONG listed China Shipping Container Line (CSCL) said it has let options to acquire four additional containerships lapse, Shippingazette reports.

The decision follows last week's announcement that CSCL had suffered a first quarter loss that widened 928 per cent to CNY1.44 billion (US$229 million) year on year.

First quarter year-on-year China Shipping revenue was flat at CNY6.45 billion compared to CNY6.52 billion in the first quarter of 2011.