China Shipping sees 1st quarter loss
China Shipping Container Lines has seen its first quarter revenue plunge from the same period in 2008.
The state-owned line, China’s second-biggest ocean carrier, fell into the red in the first quarter, losing $178 million compared to $72 million in profit in the first three months of 2008. Chairman Li Shaode said operating income fell 58 percent as volume and rates fell substantially from the previous year.
A report in Lloyd’s List Wednesday said China Shipping’s poor performance can be placed squarely on the drop in exports out of China, with one analyst saying Chinese exports fell 20 percent in the first quarter.