China Shipping Major Reports 2012 Profits Dip

Press Release
Tuesday, March 26, 2013

China Shipping Development Company Limited reports 'Business Income' decreased 9.1% as against 2011 figures.

Chairman of Board Li Shaode reviewed the achievements China Shipping Development made in the year 2012, and the following extracts are from his speech before a gathering of analysts and foundation managers:

Year 2012 saw a sluggish recovery of the world economy, so the shipping market continued the low trend. With rising fuel costs and port charges, suppressed by low freight, many shipping companies are in difficulties. Under the correct leadership of the board of directors, China Shipping has taken steady steps to push forward the strategy of “big ships, big clients, big cooperation”, combined with refined management of production, cost control, plus building of talent teams, maintained a healthy trend of enterprise development.

 The total annual turnover was 389 billion ton/mile, 12.6% increase than last year, total business income 11.05 billion Yuan, a decrease of 9.1%. However, the net profit reached 73.74 million Yuan, which means the company’s efficiency remains the top level among all the shipping companies.

The Hong Kong capital market paid close attention to the presentation meeting. The reaction was satisfactory, which must have meant the meeting was a success, thought China Shipping Development.

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Del Mar Signs Agency Agreement with Ciramar

Del Mar Marine Corp. announced it has signed an agency agreement with Ciramar Shipyards allowing the company to promote Ciramar Shipyard´s docking and facilities

Bouchard Orders Two Newbuild ATB Tugs

Morton S. Bouchard III, President and CEO of Bouchard Transportation Co., Inc., today announced the next step in Bouchard Transportation Co., Inc.’s ongoing fleet

Great Lakes Shipyard Wins EPA Drydock Contract

Great Lakes Shipyard has been awarded a contract for the United States Environmental Protection Agency (EPA) vessel R/V Lake Explorer II. The scope of work will include drydocking,

Finance

Fortis Earns $47 mi in the 2Q 2014

Fortis Inc. achieved second quarter net earnings attributable to common equity shareholders of $47 million, or $0.22 per common share, compared to $54 million, or $0.

Japan Loans Petrobras $500m to Build Ship Platforms

Brazil's state-controlled oil company Petrobras signed on Friday a $500 million loan from Japan to build eight ship platforms for the oil industry, as part of the

SEACOR Holdings Announces Q2 Results

SEACOR Holdings Inc. has announced its results for its second quarter ended June 30, 2014. For the quarter ended June 30, 2014, net income attributable to SEACOR Holdings Inc.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0985 sec (10 req/sec)