CHINA Shipping Container Lines (CSCL), world's ninth biggest container shipping line, has posted a year-on-year first half net loss of CNY1.25 billion (US$200 million), little different from the CNY1.28 million loss posted a year ago.
CSCL posts US$200 million net loss, little different from last year's
CHINA Shipping Container Lines (CSCL), world's ninth biggest container shipping line, has posted a year-on-year first half net loss of CNY1.25 billion (US$200 million), little different from the CNY1.28 million loss posted a year ago.
CSCL second quarter net loss reached CNY569 million, a slight improvement from the first quarter net loss of CNY689 million.
Poor results were attributed to weakness in freight volumes and rates. CSCL said that its total liftings in the first half of 2013 reached 3.89 million TEU, down 1.6 per cent year on year.
Average revenue was estimated to be flat in the first half, as rate increases on the transpacific and China domestic routes were offset by rate reductions on the Asia-Europe and intra-Asia routes.
CSCL said it sought to cut costs through super slow steaming and using low cost ports as well as optimising cargo mix, scaling down its market share on the China domestic routes. Its domestic liftings dropped 11.8 per cent in the first half year on year.
CHINA Shipping Container Lines (CSCL), world's ninth biggest container shipping line, has posted a year-on-year first half net loss of CNY1.25 billion (US$200 million), little different from the CNY1.28 million loss posted a year ago.
CSCL second quarter net loss reached CNY569 million, a slight improvement from the first quarter net loss of CNY689 million.
Poor results were attributed to weakness in freight volumes and rates. CSCL said that its total liftings in the first half of 2013 reached 3.89 million TEU, down 1.6 per cent year on year.
Average revenue was estimated to be flat in the first half, as rate increases on the transpacific and China domestic routes were offset by rate reductions on the Asia-Europe and intra-Asia routes.
CSCL said it sought to cut costs through super slow steaming and using low cost ports as well as optimising cargo mix, scaling down its market share on the China domestic routes. Its domestic liftings dropped 11.8 per cent in the first half year on year.
Saturday, 14 September 2013 | 00:00
China Shipping Container Lines has announced that subsidiary, China Shipping Terminal Development, plans sell its 55% equity in Lianyungang New Oriental International Container Wharf, with a reserve price of RMB756.2m.
The deal is to improve asset utilisation and optimise the asset structure of China Shipping Terminal, CSCL said in a statement.
In addition, CSCL has decided to scrap two 1,000 teu container vessels to further reduce operational costs and to optimise its fleet.
Source: Sino Ship News
The deal is to improve asset utilisation and optimise the asset structure of China Shipping Terminal, CSCL said in a statement.
In addition, CSCL has decided to scrap two 1,000 teu container vessels to further reduce operational costs and to optimise its fleet.
Source: Sino Ship News
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