CSDC Poised for More Bulker Orders

Shanghai and Hong Kong-listed China Shipping Development Co (CSDC) said that the plans for ordering three 6,600 dwt bulkers at an undisclosed compatriot shipyard have been approved by the company’s board.

The order is to be placed through the company’s 51% owned subsidiary, Jinghai Shipping, the company said in a filing to Shanghai Stock Exchange.

CSDC added that it plans to expand its fleet with a total of up to eight bulkers in 2015. The shipping company has already ordered four Very Large Crude Carriers (VLCCs) worth USD 375.9 million this February at Dalian Shipbuilding Industry Co (DISC). The four 308,000 DWT carriers are expected to start delivery in May 2017.

CSDC posted a profit of CNY 309 million (USD 49.6 million) for 2014, recovering from a loss of CNY 2.23 billion recorded in 2013.

The company’s revenue amounted to CNY 12.27 billion, an 8.2% increase when compared to the figures from the same period in the preceding year.

The shipping company attributed the positive results to ”the increase in freight rates in the international oil transportation market, and efforts made by the group to further strengthen its control over costs.”

World Maritime News Staff

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