China Shipping Container Lines said its 2008 net profit fell 96 percent from a year earlier due to a slump in exports amid the global financial crisis, and that it expects excess shipping capacity to push revenue down a further 15 percent in 2009.
China's largest container shipper by capacity said under Chinese accounting standards, its net profit for the 12 months ended December 31 was US$19.2 million, down from $481.3 million in 2007.
Revenue fell 10.8 percent to $5.1 billion from $5.8 billion.
The company's 2008 net profit under Hong Kong accounting standards fell sharply to $6.3 million from $456.5 million the previous year.
The sharp discrepancy in net profit figures was due to different ways of calculating asset and debt, leading to a different treatment of tax issues, the company said.
The company said its Pacific route and Europe-Mediterranean route bore the brunt of the global economic crisis – both fell not only by volume but also by freight rates.
Volume of the Pacific route fell 20 prcent from a year earlier to 1.30 million TEUs, while that of the Europe-Mediterranean route fell 5.6 percent to 1.38 million TEUs.
China's largest container shipper by capacity said under Chinese accounting standards, its net profit for the 12 months ended December 31 was US$19.2 million, down from $481.3 million in 2007.
Revenue fell 10.8 percent to $5.1 billion from $5.8 billion.
The company's 2008 net profit under Hong Kong accounting standards fell sharply to $6.3 million from $456.5 million the previous year.
The sharp discrepancy in net profit figures was due to different ways of calculating asset and debt, leading to a different treatment of tax issues, the company said.
The company said its Pacific route and Europe-Mediterranean route bore the brunt of the global economic crisis – both fell not only by volume but also by freight rates.
Volume of the Pacific route fell 20 prcent from a year earlier to 1.30 million TEUs, while that of the Europe-Mediterranean route fell 5.6 percent to 1.38 million TEUs.