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China Shipping Development To Purchase 14 New Ships

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ship_2 August 18, 2010 (Chinavestor) China Shipping Development (SHA:600026), the country's second-biggest ocean-freight firm, said it will purchase 14 new vessels after its first-half profit jumped 60%. The company said it will pay $424 million for the ships. China Shipping Development (SHA:600026) said its first-half profit surged to 978.8 million yuan from 613.6 million yuan a year earlier, a result that was inline with analyst forecasts.

Increased demand for oil and coal help bolster the company's results. China Shipping Development (SHA:600026) said in a statement that it had 65 tankers and 103 commodity vessels at the end of June. The company also said it has 49 ships on order with delivery due in 2012. The backlog included six tankers and seven bulk ships due to arrive in the second half, according to Bloomberg News.

China Shipping Development (SHA:600026) also announced that it has acquired a 50% interest in Guangzhou Development Industry (SHA:600098) for almost 328 million yuan. China Shipping Development (SHA:600026) has set up ventures and signed long-term contracts with customers to help guard against fluctuations in rates, Bloomberg reported.



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