China Shipping Posts Huge Loss

3 November 2009 (Last Updated November 3rd, 2009 18:30)

China Shipping Container Lines (CSCL) has reported third quarter losses of $284m compared to a $39.7m loss reported during the same period in 2008. In a statement to the Hong Kong stock exchange, the shipping line attributed the losses to fall in freight rates and volumes as well as in

China Shipping Container Lines (CSCL) has reported third quarter losses of $284m compared to a $39.7m loss reported during the same period in 2008.

In a statement to the Hong Kong stock exchange, the shipping line attributed the losses to fall in freight rates and volumes as well as increases in bunker costs.

The company’s net cash flow from operations in the quarter fell year-on-year to $783.6m.

CSCL attributed the loss to less operating income, which dropped 49.2%.

The company’s investment income fell 40% year-on-year, mainly due to a decrease in profits of investment companies of the group, the statement said.