China COSCO on April 30 announced its financial results for the first quarter of 2010. The operating environment of the shipping sector has been improved benefiting from the continued recovery of the global economy.
The China (Export) Container Freight Index (CCFI), representing the Chinese container shipping export freight rate, increased 25.3 percent year-on-year, while the average BDL reached 3,027 points in the first quarter, up 93.8 percent year-on-year.
China COSCO recorded revenues of US$2.55 billion for the quarter, up 58.7 percent, year-on-year. Operating profit wasUS$269 million, up 179 percent.
Profit attributable to equity holders of the company was US$129.14 million; basic earnings per share reached US$0.01, up 127.3 percent year-on-year.
Container shipping and related businesses
In the first quarter of 2010, the shipping volume of container shipping of the group reached 1.306 million TEU, up 31.3 percent year-on-year. The shipping volume of the Trans-Pacific route and Intra-Asia route increased 50.4 percent and 46.2 percent respectively. Various routes also achieved growth in the utilisation rate.
For the quarter, the container shipping segment's revenue, excluding the income from vessels chartered out, reached US$1.1 billion, up 75.4 percent year-on-year.
Income per TEU was US$850, up 30.8 percent year-on-year. Revenues for the Trans-Pacific route, Asia-Europe route, and Intra-Asia route recorded significant growth.
As at March 31, 2010, the group operated 146 container vessels with a shipping capacity of 573,000TEU. The group had an orderbook of 52 container vessels with a total shipping capacity of 400,000TEU.
Dry bulk shipping business
Shipping volume of the group's dry bulk shipping business recorded 66.53 million tonnes, up 8.3 percent year-on-year. Dry bulk shipping turnover was 326.2 billion tonne-nautical miles, up 6.8 percent year-on-year.
As at March 31, 2010, the group operated 439 dry bulk vessels, or 36.96 million DWT. The group had new ship orders of 26 vessels, or 3.91 million DWT.
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