CHINA SHIPPING REPORTS GROWTH, PROFIT

CHINA SHIPPING REPORTS GROWTH, PROFIT

   China Shipping Group has reported continued growth in volume and revenues for the first half of the year, despite the slowdown in global shipping.

   During the half year, the main operating revenue of the group was 9 billion yuan ($1.1 billion), up 19 percent over the same period last year.

   China Shipping Group said its total cargo transport volume increased 3 percent during the same period, to 88 million tons, but with variations between shipping sectors.

   Container traffic, handled by its liner shipping arm China Shipping Container Lines, increased 25 percent to 873,000 TEUs in the first six months of this year.

   Coal tonnage rose 12 percent to 338 million tons, and oil tonnage decreased 8 percent to 26 million tons.

   China Shipping Group said China Shipping Container Lines' revenue has grown 23 percent during the first half of the year. China Shipping Tankers’ revenue was up 19 percent and China Shipping Tramps’ rose 7 percent.

   The revenues of shore-based businesses have also increased.

   China Shipping Group also reported that it made an accumulated profit of 537 million yuan ($65 million) in January-September 2001, “having laid a solid foundation for the steady growth of the financial performance for the whole year.”

   China Shipping Group, a mainland China government-controlled group, generally discloses only limited financial information.