China Shipping swings to gain of $641m

China Shipping Container Lines (CSCL) swung to a net profit last year from a net loss the year before, as demand and freight rates recovered from the global financial crisis.


China's largest container shipper by capacity said its net profit for the 12 months ended December 31 was US$641.32 million, reported Dow Jones Newswires.


The company reported a net loss of $990.99 million for 2009.
Revenue rose 76 percent to $5.32 billion from $3 billion.


China Shipping Container, which is listed in both Hong Kong and Shanghai, is a unit of Shanghai-based China Shipping (Group) Co), the world's eighth-largest shipping company by capacity and the parent of China Shipping Development Co.
(Source:http://www.cargonewsasia.com)