China Shipping Container Lines now expects a net profit of CNY520 million (US$83.7 million) for 2012.
AFTER the sale and leaseback of 28 per cent of its own containers, China Shipping Container Lines now expects a net profit of CNY520 million (US$83.7 million) for 2012.
This, after the Hong Kong-listed company posted a net loss of CNY2.7 billion for 2011 and suffered CNY290 million loss in the first three quarters of 2012.
CSCL credited the gain to its own acumen in grasping opportunities by disposing of old containers as well "improved market trends", according to a filing to the Hong Kong stock exchange.
CSCL cashed in US$147 million from selling 295,000 TEU aged between three and eight years and hiring them back in two transactions in November and December.
The November deal, representing 20 per cent of CSCL's boxes, was struck with CDB Leasing, an affiliate of China Development Bank, which incidentally, signed the lesson's first step in the marine containers business.
The sale was arranged by DVB Bank and co-financed by the German bank and the Chinese policy bank, according to a DVB Bank press release.
The November deal, representing 20 per cent of CSCL's boxes, was struck with CDB Leasing, an affiliate of China Development Bank, which incidentally, signed the lesson's first step in the marine containers business.
The sale was arranged by DVB Bank and co-financed by the German bank and the Chinese policy bank, according to a DVB Bank press release.
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