China Shipping Buys 14 Bulk Ships After Profit Jump

According to an August 18 report from Bloomberg, China Shipping Development Co., part of China’s second-biggest sea-cargo group, ordered 14 dry-bulk ships after rebounding rates helped it report a 60% jump in first-half profit. The company will pay $424m for the vessels, according to a Shanghai Stock Exchange statement today. The shipping line said late yesterday that first-half net income rose to $144m from $90.2m a year earlier. The result was in line with analysts’ estimates.

(Source: Bloomberg)