China Shipping Development sees profit boost as CSCL reports 99 percent profit slump

摘要

China Shipping Development Company (CSDC), the nation's largest oil carrier, said its 2008 profit rose 16.9 percent, boosted by strong demand for energy-related bulk shipping services, China Daily reported. Net income climbed to US$839 million, on sales of US$2.56 billion, 38 percent more than a year earlier, the Shanghai-based company said in its 2008 earnings report. The company plans to expand by 19 ships, including 14 oil tankers and five bulk ships. CSDC, a unit of state-owned China Shipping (Group), operates a fleet of oil tankers and dry-bulk vessels mainly for carrying coal. The company has boosted cooperation with its largest customers, such as Baosteel Group and PetroChina, through ventures and long-term contracts.