China Shipping Container Lines Co., the country’s second-biggest cargo-box carrier, slumped to a first-quarter loss as trade slowed and rates tumbled because of the global recession. First-quarter net loss was 1.2 billion yuan ($176 million) net loss, or 0.1 yuan a share, compared with net income of 510 million yuan, or 0.04 yuan, a year earlier, the company said today in a filing to Shanghai’s stock exchange, citing domestic accounting standards. Sales fell to 4.53 billion yuan from 10.8 billion yuan, it said.
Container lines have parked ships, fired staff and combined routes to revive rates and cut costs. About 13 percent of global container ships are laid up, according to data compiled by Bloomberg. Neptune Orient Lines Ltd., Southeast Asia’s biggest container line, also said this month it will likely report a first-quarter loss as U.S. and European consumers pare spending on Asian-made goods.
China Shipping Container fell 0.5 percent to 4.12 yuan in Shanghai trading before the earnings release. Its Hong Kong- listed shares declined 10.3 percent to HK$1.82.
Container lines have parked ships, fired staff and combined routes to revive rates and cut costs. About 13 percent of global container ships are laid up, according to data compiled by Bloomberg. Neptune Orient Lines Ltd., Southeast Asia’s biggest container line, also said this month it will likely report a first-quarter loss as U.S. and European consumers pare spending on Asian-made goods.
China Shipping Container fell 0.5 percent to 4.12 yuan in Shanghai trading before the earnings release. Its Hong Kong- listed shares declined 10.3 percent to HK$1.82.