Container Shipping Woes Push CSCL Deep into Red

Strong headwinds in the container shipping industry have pushed China Shipping Container Lines Company Limited (CSCL) to a loss of RMB 2.95 billion (USD 456.5 million) against a RMB 1.04 bilion profit from 2014.

The revenue of the group decreased from RMB 36 billion in 2014 to RMB 31.8 billion in 2015, representing a decrease of 11.8%.

The volume of loaded cargo in 2015 amounted to 7.8 million TEU, also a decrease of 3.5% as compared with 2014.

In 2015, the company took in five new 19,100 TEU vessels, while continuing to retire and dispose of small and aged vessels with excessive fuel consumption and incurring high maintenance costs.

As at 31 December 2015, the company had a fleet of 173 vessels, with a total operating capacity of 889,000 TEU, representing an increase of 163,000 TEU, or 22.4%, as compared with the same period of last year.

As of this year the company is embarking on a restructuring, changing into a listed financial services platform focusing on shipping finance services by leasing its containers and container vessels to COSCO.

The move is also expected to see disposal of its equity interests in the container shipping supporting business and CS Ports, as well as acquisition of the leasing and financial assets and equity interests of COSCO Group and China Shipping Group.

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