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CLSC warns of US$435 million net loss, blames supply-demand factors
CHINA Shipping Container Lines (CSCL) expects a CYN2.63 billion (US$435 million) net loss in 2013, having reported CNY522.7 million net profit in 2012 after selling 28 per cent of its containers for US$147 and then leasing them back.
Blaming out-of-kilter supply and demand factors, the Hong Kong- and Shanghai-listed company said that based on a preliminary estimates on its finance department, assessing a record loss based on China Accounting Standard for Business Enterprises.
Costamare sticks to growth plan as profits rise 17pc to US$103 million
GREEK containership owner Costamare posted a 27 per cent year-on-year increase in net profit in 2013 to US$103.1 million, drawn on revenues of $414.2 million, up seven per cent.
Fourth quarter voyage revenues increased 18.2 per cent to $112.5 million. Last year, Costamar took delivery of seven ships out of a programme of 10 post-panamax newbuildings from Sungdong Shipbuilding and Marine Engineering in South Korea and Shanghai Jiangnan Changxing Heavy Industry.
The programme includes the 8,827-TEU Vantage from Sungdong that have been chartered long-term to MSC and Evergreen and three 9,403-TEUers from a Chinese yard for an MSC charter.
"We are successfully executing on our growth strategy, having invested and placed orders together with our partners close to $1 billion in new projects since the inception of our joint venture eight months ago," said Costamare CFO Gregory Zikos.
"We feel we are well positioned to continue to grow selectively and on healthy grounds," he said.
Blaming out-of-kilter supply and demand factors, the Hong Kong- and Shanghai-listed company said that based on a preliminary estimates on its finance department, assessing a record loss based on China Accounting Standard for Business Enterprises.
Costamare sticks to growth plan as profits rise 17pc to US$103 million
GREEK containership owner Costamare posted a 27 per cent year-on-year increase in net profit in 2013 to US$103.1 million, drawn on revenues of $414.2 million, up seven per cent.
Fourth quarter voyage revenues increased 18.2 per cent to $112.5 million. Last year, Costamar took delivery of seven ships out of a programme of 10 post-panamax newbuildings from Sungdong Shipbuilding and Marine Engineering in South Korea and Shanghai Jiangnan Changxing Heavy Industry.
The programme includes the 8,827-TEU Vantage from Sungdong that have been chartered long-term to MSC and Evergreen and three 9,403-TEUers from a Chinese yard for an MSC charter.
"We are successfully executing on our growth strategy, having invested and placed orders together with our partners close to $1 billion in new projects since the inception of our joint venture eight months ago," said Costamare CFO Gregory Zikos.
"We feel we are well positioned to continue to grow selectively and on healthy grounds," he said.
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