Subscribe to RSS feedCSCL suffers 99% profits slump
by
Obsidian
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last modified
Apr 02, 2009 12:00 AM
A slump in freight rates on transpacific and Asia-Europe routes led China Shipping Container Lines to post a 98.7% fall in net profit to almost Yuan43m (US$6.3m) last year, down from Yuan3.2bn in 2007.
Revenue fell 11.1% to Yuan34.7bn in 2008 against almost Yuan39.1bn a year earlier, which reflected a 4.9% fall in liftings to 6.9m teu.
Chairman Li Shaode said: Due to the significant plummet in freight rates and the shrinking demand...
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