ShippingWatch

Hong Kong carrier facing giant deficit

China Shipping Development expects a giant deficit of USD 380 million on tank and dry bulk, ahead of the company's publication of its annual report 2013.

China Shipping Development - the tank and dry bulk division of carrier China Shipping Group - has informed the Hong Kong Stock Exchange that the deficit from the fiscal year 2013 will amount to approx. USD 380 million, according to Lloyd's List.

The deficit is caused by low demand and overcapacity in the international as well as the national shipping market in 2013, says the company in the brief to the stock exchange, which also points to other reasons for the massive deficit. Among several factors, a USD 68 million loss is attributed to an impairment related to the retiring of 13 dry bulk vessels and seven oil tankers in 2014. The impairment is included in the 2013 report even though the ships will not be taken out service until later this year.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

CBS launches board program for the shipping industry

Supported by a number of high-profile names from the global shipping industry, CBS’s new Blue Board Leadership Programme’s first module is already half full. The faculty team includes BW Group Chairman Andreas Sohmen-Pao.

Further reading

Related articles

Latest news

See all jobs