CSDC In for Stronger 2015 Profit

Shanghai-based shipping company China Shipping Development Co (CSDC) expects a positive profit for 2015 in light of a strong tanker shipping market, the company said.

CSDC said that 2015 net earnings are expected to be between CNY 320 million (USD 48.6 million) and CNY 400 million (USD 60.7 million).

The number would represent an increase of some 28 percent from CNY 311 million (USD 47.2 million) recorded in 2014.

CSDC added that the falling bulker rates could lead to an amount of up to CNY 300 million (USD 45.6 million) in provision for impairments losses.

The company’s cost control efforts also contributed to the positive expectations.

World Maritime News Staff