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

People & Company News

Dann Marine Repowers With Cummins Tier 3 Engines

Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

Finance

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

 
 
Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1030 sec (10 req/sec)