Container Shipping Group Anticipate Profit Turnaround

CHINA - China Shipping Container Lines Co. (CSCL) reported today that they expect a return to net profit based on preliminary figures. As the country’s primary container carrier and, according to their own statistics, now fifth largest in the world by capacity with over 130 vessels and a total carrying capacity of around 350,000 TEU, the final first half results will be keenly awaited by many.

The company believes the turnaround is due to a variety of factors including an improvement in container numbers, rate and surcharge stabilisation and cost reduction measures they have undertaken. Last year’s comparative figures resulted in a net loss of over half a billion dollars for the first six months of trading. The finalised and adjusted first half earnings for 2010 will be officially reported next month.

Elsewhere in the China Shipping Group the company’s joint venture with Jumbo Heavy Lift, Dutch project forwarding specialists, has opened a second office in the country. The Beijing office follows the first office opened in China Shipping’s native Shanghai eight years ago.