China Shipping Development Co News

China Shipping Container Lines Co. posted a net loss of 2.9 billion yuan ($448.5m)  in 2015, compared with profit of 1.04 billion yuan in 2014, the nation’s second-biggest container shipping company said in a statement. China Shipping in January had forecast a loss of 2.8 billion yuan for 2015. The revenues also fell 12% to RMB31.83bn from RMB36.08bn previously, the company said. The operating result has been of sign negative for -2.49 billion yuan respect to an operating profit of 1.96 billion yuan in 2014. Both international and domestic volumes were affected, falling 3.6% and 3.4% respectively. Last year the fleet of portacontainer of Chinese CSCL has transported cargo volumes pairs to altogether 7.8 million container teu…

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.

China Cosco Holdings ended 2014 in profitable territory, growing its net earnings by 50 percent to $56 million on the back of cost cuts, improved revenue and lower bunker fuel prices. The company, the flagship unit of state-owned shipping conglomerate China Ocean Shipping (Group) Corporation, in 2013 reported a net profit of 235.5 million Yuan ($37.7 million). A company stock exchange filing said various measures had been taken to increase revenues and cut costs as the imbalance between supply and demand in the international shipping industry showed no substantial improvement in 2014. Ma Zehua, chairman of the board of Cosco Group, said earlier that the group had achieved around $400 million savings in fuel bills last year compared to the previous year…

China Shipping Development Co. to order six liquefied natural gas (LNG) to tap the nation’s rising demand for cleaner fuel. The addition of the tankers comes as the world’s largest energy consumer plans to more than double natural gas consumption to cut its dependence on coal and oil. The six-tankship purchase will be made by a venture owned by China Petrochemical Corp., also known as Sinopec Group, China Shipping and Mitsui O.S.K Lines Ltd. (9104) and each ship will have a capacity to carry 174,000 cubic meters of natural gas. reports Bloomberg. Bloomberg was informed by Chief Financial Officer Wang Kangtian that the vessels will cost about $205 million each and the shipping company has arranged syndicated loans to finance the deal. Source: Bloomberg

According to a Nov. 29 report from Bloomberg, China Shipping Development Co., the dry-bulk arm of the nation’s second-biggest shipping group, signed agreements to purchase eight 48,000 dead weight ton tankers for a combined $293m. The tankers are expected to be delivered from July 31 through Dec. 31, 2012. (Source: Bloomberg)

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)

China Shipping Development Co. Ltd. has entered into a series of ship chartering agreements worth $12.2 million with associates of its parent company China Shipping (Group) Co. On May 26, China Shipping Development entered into a bareboat charter agreement with Shanghai Shipping Industrial Co. Ltd., a wholly owned subsidiary of China Shipping (Group), which agreed to lease to the company three oil tankers for one year, the company said. It also entered into a charter agreement with China Shipping (Hong Kong) Marine Co. Ltd., also a wholly owned subsidiary of its China Shipping (Group), to charter six dry bulk cargo vessels to China Shipping Marine for one year. The company also entered into a charter agreement with China Shipping Container Lines Co.

China Shipping Development Co. Ltd. (1138.HK) said its wholly-owned unit, China Shipping Development (Hong Kong) Marine Co. Ltd., has entered into an agreement with a mainland China shipbuilding firm to construct four very large iron ore carriers (VLOCs) for a total of $360.64m. It said it has contracted CSSC Guangzhou Longxue Shipbuilding Co Ltd to build the VLOCs, each of which will be used to transport iron ore. [Source: http://www.tradingmarkets.com]

According to a Reuters report, China Shipping Development Co. said it would buy four very large ore carriers (VLOCs) from Chinese shipbuilders for $400m to develop its ore import business. Each ship will have capacity of 230,000 deadweight tonnes, said the company. It said the purchase would be funded from the company's own resources or through bank loans. Last month, China Shipping Development said that in another deal, it would buy four large iron ore carriers for $460m. [Source: Reuters]

China Shipping Development Co. Ltd. said on it planned to build six oil tankers worth $307.56m for delivery in 2009 and 2010 to help expand its ocean shipping business. China Ship has signed an agreement with China's Dalian Shipbuilding Industry Co. Ltd. to build six tankers with a capacity of 76,000 tons, China Ship said in a filing to the Shanghai Stock Exchange. The deal needs the approval of shareholders, it said. China Ship would pay in five installments, with 20 percent of the cost coming from its own capital and 80 percent from bank loans, it said. It said the company had 69 oil tankers, with a combined capacity of 3.4m tons by the end of 2006. China Ship's Shanghai A shares rose 2.41 percent to close at 12.30 yuan on Friday. Source: Reuters

Hong Kong-listed China Shipping Development Co. agreed to buy eight oil tankers for $556m from two Chinese shipbuilders. According to Yahoo! News, China Shipping Development, a unit of state-owned China Shipping (Group) Co., said it would buy four oil tankers for $408m from Dalian Shipbuilding Industry Ltd. It said the four vessels would enter operations between June and December 2009. China Shipping Development also said it would buy four oil tankers for $148m from Guangzhou Shipyard International Ltd. The first of these vessels will enter operations October 2007, while the last would be delivered in November 2009.The company said it would finance the purchases through bank borrowing and internal resources. (Source: Yahoo! News)

China Shipping Development Co Ltd said on Friday that it would lease seven vessels for one-year for a total of US$11.57 million. China Shipping would lease a chartered oil tanker from Shanghai Shipping for $3.2 million, and six dry bulk cargo vessels for US$8.3 million from Southern Shipping, a company statement said.