CSDC Profts Soar
The bulker and tanker unit of state conglomerate China Shipping Group, China Shipping Development Co (CSDC) has delivered a first half performance which saw its profit spike, exceeding the company's latest forecast.
CSDC has recorded a six-fold increase in profit in the first half of this year, mainly supported by a strong tanker market and lower income tax. It has recorded a six-month profit of $46.96m, a jump of 602.1% from the same period of 2014.
CSDC disposed of 27 dry bulk carriers during the first six months and took delivery of seven vessels.
CSDC said that the demand-supply imbalance of the bulk shipping market will continue in the second half of 2015, but newbuilding orders have slowed down.
The VLCC and suezmax sectors, on the other hand, are expected to see growth due to lower oil prices triggering demand.
The main business scope of the Company includes coastal and ocean shipping of crude oil and refined oil, coastal and ocean shipping of coal and iron ore, and the Company is now actively exploring shipping business of China’s importing LNG.
China Shipping Development Company Limited is a major shipping company having its business across the coastal region of the PRC and internationally.