Sinotrans boosts shipping profits
The marine transportation arm of Sinotrans, which includes Sinotrans Container Lines, increased its operating income four-fold in 2003 to RMB183 million ($22 million) from RMB35 million in 2002.
The marine arm’s revenue rose 43 percent over the same period to RMB2.8 billion ($336 million) last year from RMB2 billion. The revenue figures include intra-company transactions within the forwarding-to-shipping group.
The number of containers shipped by Sinotrans rose 32 percent in 2003 to 1 million TEUs from about 769,000 TEUs. Sinotrans said the growth was the result of efforts to expand capacity and increase sailings.
The Chinese company reported “significant increases in volume and upswings in international sea freight rates.” In particular, it experienced “significant growth in rates” for its U.S. services.