China Shipping Container Lines profit soars to US$318 million

HONG KONG-listed China Shipping Container Lines (CSCL) has reported a third quarter net profit of CNY2.15 million (US$318 million) against a year-on-year net quarterly loss of CNY1.94 billion ($283 million) in 2009, according to the Shipping Gazette.
Profit was drawn on revenues of CNY4.21 billion, which increased 211 per cent the first nine months of this year. Over the first nine months CSCL net profits increased to CNY3.33 billion against to a year-on-year loss of CNY5.35 billion in the same period last year.
CSCL does not provide revenue and tradelane performance details in quarterly reports.
"The increase in operating income was due to the significant increase in loaded container volume and freight revenue for single containers during the reporting period as compared with the corresponding period of last year, as a result of the increase in the container volume, and rebound in freight rate," said the company statement.'
"CSCL is following the same pattern as all other ocean carriers - after huge drops in revenue last year, they are now all seeing revenue and profits shoot up due to a boost in freight rates and volumes," noted London's Containerisation International.

Source: Transportweekly