Cosco Shipping (Coscol) reported its 2012 revenue grew 22.11% to RMB6.3bn, while net profit was down sharply by 87.39% to RMB19.15m.
Coscol said low time charter levels and increasing management and financial expenses were the main factors behind the profit fall.
However, the company’s business from multi-purpose vessels gained substantial growth and it has been optimizing its fleet structure. The company will add four to eight 28,000dwt heavy lift vessels to the fleet and decommission four to eight multi-purpose vessels ranging from 60,000dwt to 110,000dwt in 2013.
Coscol’s total fleet capacity had increased from 1.18m dwt in 2009 to 1.55m dwt in 2012, however, the average fleet age had decreased from 21 years-old in 2009 to 12.9 years-old in 2012.