China Shipping Container Lines (CSCL) saw net profit tumble 606 percent last year to record a 2013 net loss of US$427 million. The Hong Kong-listed unit of China Shipping Group made a profit of $84 million in 2012 but excessive costs and plunging freight rates on the major trades eroded profitability. The carrier said in its annual performance report released yesterday there was no substantial recovery in the freight rates that continued to fluctuate at a low level. In addition, CSCL said the imbalance between overall supply and demand could not be practically improved in the short run and therefore the cooperation between container lines into alliances would be further explored. CSCL is part of the CKYHE alliance and cooperates with mainland rival Cosco on China’s coastal trade. |