SHANGHAI: Shanghai-listed COSCO Shipping announced that it recorded profit of CNY197.8 million (USD32.0 million) for 2014, up 506% from a profit of CNY32.6 million in 2013.
The company recorded revenue of CNY7.66 billion in 2014, up 2.98% year on year (y/y) from CNY7.44 billion in 2013, and its earnings per share also rose from CNY0.019 in 2013 to CNY0.117.
During the review period, the company retired eight old vessels of 141,800 dwt in total, and took delivery of four newbuildings of 114,900 dwt in total. The company now owns 85 ships – 1.97 million dwt in total – with the average of 8.7 years.
The company’s 33 multipurpose vessels (MPVs) recorded revenue of CNY3.2 billion last year, amounting to 45.39% of its total. However, its MPV fleet suffered a loss of CNY450 million in 2014.
Its four semi-submersible ships – 137,300 dwt in total – contributed 15.35%, or around CNY1.08 billion, of the company’s total revenue and recorded profit of CNY307.7 million in 2014. Meanwhile, its heavy-lift fleet recorded revenue of CNY1.13 billion and profit of CNY28.5 million.
In 2014, the global shipping market remained sluggish and the performance of special vessel shipping was weak, stated the company in its filling to Shanghai Stock Exchange. In addition, the seaborne volume of general cargo only increased by 2% and the freight rates of MPV kept dropping.
The global trade and economy is expected to recover slowly this year, but there may be greater fluctuations and risk, stated the company, and the market of special vessels and break bulk carriers will get better in some areas.