Hong Kong-based Sinotrans Shipping group profit for 2008 rose 146.4 percent to $347.1 million, from $140.9 million the previous year.
Total revenue reached $456 million, up 50.9 percent from $302.2 million.
Revenue from dry bulk shipping grew by 61.7 percent to $419 million from $259 million. Income from the container segment totaled $18 million, up 69.5 percent from $10.6 million in 2007.
The company attributed the strong results to a significant increase in profit from dry bulk shipping, coupled with gains on disposal of three single-hull very large crude oil carriers.
Sinotrans also said the recent acquisition of four new box vessels, providing for total additional capacity of 3,388 TEUs, helped scale up its container shipping business.
"Our expanded and upgraded fleet contributed to an increase in the average daily charter hire for our container shipping from $6,227 in 2007 to $6,498 in 2008," the company said.
Total revenue reached $456 million, up 50.9 percent from $302.2 million.
Revenue from dry bulk shipping grew by 61.7 percent to $419 million from $259 million. Income from the container segment totaled $18 million, up 69.5 percent from $10.6 million in 2007.
The company attributed the strong results to a significant increase in profit from dry bulk shipping, coupled with gains on disposal of three single-hull very large crude oil carriers.
Sinotrans also said the recent acquisition of four new box vessels, providing for total additional capacity of 3,388 TEUs, helped scale up its container shipping business.
"Our expanded and upgraded fleet contributed to an increase in the average daily charter hire for our container shipping from $6,227 in 2007 to $6,498 in 2008," the company said.