Coastal shipping to play larger role in China Shipping profits

Hong Kong: China Shipping Development has revealed a 6.9% increase in the volume of domestic coastal contracts for 2008 to 89.4m tonnes, which it anticipates will lead to a 40% increase in its projected income from the sector for this year, writes Reuters. The average standard freight rate under the contacts increased by about 40% over the same period in 2007, the company added.

Last month China Shipping reported a 65.5% increase in unaudited net profits to 4.65bn yuan ($646.9m) in 2007.  [14/02/08]