Shipper's net income jumps 54% on rate rise
By Ding Yining |
August 26, 2010, Thursday
|
Print Edition
Print Edition
COSCO Shipping Co, the unit of China's largest operator of dry bulk cargo ships, said profit in the first half jumped 54 percent after shipping rates rose as the economy rebounded.
Net income in the first six months totaled 146 million yuan (US$21.4 million), or 0.11 yuan per share.
Revenue over the period rose an annual 1.38 percent to 2.03 billion yuan.
"Strong infrastructure investment in emerging markets has pushed up dry bulk throughput in the first half," the company said in the statement. "But the macroeconomic situation is still complicated in the second half and we remain cautiously optimistic about the shipping market."
Cosco Shipping handled 3.96 million tons of goods in the six-month period.
But its cautious outlook didn't stop the firm from signing a deal to buy 10 multi-function carriers at the end of March. The new vessels will be delivered from June 2011.
It will also buy seven multi-function carriers from its unit, Guangzhou Ocean Shipping Co, for 649 million yuan to expand its shipping capacity, said a separate statement.
"These newly added capacity will further push up rates and ordering new vessels during a sluggish time in the shipbuilding industry will also help cut costs," GF Securities analyst Yang Zhiqing wrote. "The company's revenue growth will remain stable in the near future."
Net income in the first six months totaled 146 million yuan (US$21.4 million), or 0.11 yuan per share.
Revenue over the period rose an annual 1.38 percent to 2.03 billion yuan.
"Strong infrastructure investment in emerging markets has pushed up dry bulk throughput in the first half," the company said in the statement. "But the macroeconomic situation is still complicated in the second half and we remain cautiously optimistic about the shipping market."
Cosco Shipping handled 3.96 million tons of goods in the six-month period.
But its cautious outlook didn't stop the firm from signing a deal to buy 10 multi-function carriers at the end of March. The new vessels will be delivered from June 2011.
It will also buy seven multi-function carriers from its unit, Guangzhou Ocean Shipping Co, for 649 million yuan to expand its shipping capacity, said a separate statement.
"These newly added capacity will further push up rates and ordering new vessels during a sluggish time in the shipbuilding industry will also help cut costs," GF Securities analyst Yang Zhiqing wrote. "The company's revenue growth will remain stable in the near future."
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