Sinotrans Shipping has reported a consolidated 2007 profit of US$140.8 million, a year-on-year increase of 18 per cent.
Revenue from container shipping in 2007 was US$10.6 million, down 9 per cent year on year. The decrease was primarily due to a drop in the average charter hire rate in the market of container shipping.
Group revenue came to $2.3 billion, gross profit to $147.7 million and operating profit to $134.51 million.
The Hong Kong-based group engages in dry bulk, chartering of container vessels, oil tanker shipping, dry bulk cargo voyage charter and other shipping related businesses.
In September 2007, the Sinotrans group sold its interests in a number of subsidiaries and jointly controlled ship-owning companies and related businesses for US$480.5 billion. It also sold other non-ship-owing subsidiaries to Grand Explorer Shipping Limited, a subsidiary of the group for $29.37 billion.
In October, Sinotrans Group Company received for US$451.13 billion by issuing 2.4 billion ordinary shares to Sinotrans Shipping (Holdings) Limited.
Revenue from ocean freight income in 2007 was US$52.7 million, up 49 per cent over 2006. The increase was primarily due to the increase in freight rates, the volume of voyages and improved market conditions. The volume of cargo shipped increased from 862,993 tons in 2006 to 967,375 tons in 2007, a 12.1 per cent increase.
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