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            november 19, 2019

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China Shipping widens loss threefold


China Shipping Container Lines (CSCL), the world's ninth biggest container shipping company, nearly tripled its year-on-year net loss to CNY3 billion (US$478 million), drawn on revenues of CNY36 billion, up three per cent, according to Shipping Gazette.
Container throughput increased two per cent year on year to 8.2 million TEU, of which 43 per cent was China domestic trade, 22 per cent intra-Asia, 17.5 per cent Asia-Europe and 16.4 per cent transpacific.
Volumes did not meet expectations; the short fall was blamed on "uncertainty in supply and demand" and "a changing competition environment". CSCL made $833 per TEU in 2013 from international traffic, down 13.5 per cent year on year, while its overall average revenue, including domestic China traffic, came to $597 per TEU, down 7.6 per cent.
"The imbalance between supply and demand will not show significant improvement in the short term," said the company.
Targetting 8.3 million to 8.5 million TEU in container throughput this year and CNY41.5 billion in revenues, CSCL stated: "The company will actively push for the restoration in freight rates and further control costs, striving to keep cost increases not exceeding revenue increase on a per TEU basis."
The CSCL fleet grew 2.6 per cent to 611,000 TEU, with an average ship size of 4,126 TEU.

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