| Shanghai- and Hong Kong-listed China Shipping Development announced on 26 March that the company has recorded profit of CNY309 million (USD49.6 million) for 2014, returning to black from the loss of CNY2.23 billion in 2013. The company’s revenue stood at CNY12.27 billion, representing an increase of 8.2% from the previous year. In 2014, the company’s oil shipment, including oil shipment and vessel chartering, recorded turnover of CNY5.5 billion and profit of CNY824.8 million, up 2% year on year (y/y) and 316% y/y, respectively, while its dry bulk shipping sector recorded revenue of CNY6.7 billion and profit of CNY563 million, up 12% y/y and 180% y/y, respectively, according to its filing to the stock exchange. Last year, performance of international oil shipping market in general was better compared with 2013, stated the company. Its annual average value of freight index for three typical routes in the VLCC market (Middle East–Asia Pacific, Middle East–US/Gulf, West Africa–China) rose by 12% y/y. In 2014, the company shipped 182 million tonne cargo, down 1.9% y/y, while the transport turnover was 430.1 billion tonne-nautical miles (BTM), up 10.9% y/y. Meanwhile, the international oil shipping market was volatile, with the highest and the lowest values of freight index for route from Middle East to Asia Pacific in the VLCC market reaching 80 points and 32 points, respectively. In 2015, the company expects to take delivery of eight new dry bulk vessels with a total tonnage of 516,000 dwt and targets to complete shipment turnover volume of 439 BTM. Its targeted revenue for 2015 is CNY12.5 billion. |