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Losses Widen at China Shipping

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August 29, 2012

SHANGHAI–China Shipping Container Lines Co. (2866.HK), the country’s largest container shipper by capacity, said Wednesday its net loss for the first half of this year widened because of stagnant freight rates.

The company said net loss for the six months ended June 30 was 1.28 billion yuan (US$201.6 million), up from a net loss of CNY630.3 million in the year-earlier period.

Revenue rose 9.7% to CNY15.32 billion, said CSCL.

The deepening euro zone crisis has severely battered global trade since last year, affecting freight rates for long-haul routes such as Asia to Europe and trans-Pacific trade lanes.

China Shipping Container Lines–which is listed in both Hong Kong and Shanghai–is a unit of state-run China Shipping (Group) Co.

CSCL is the world’s eighth-largest container shipping company by capacity and operates 150 ships with 12 more on order, according to shipping consultancy Alphaliner.

– Rose Yu, (c) 2012 Dow Jones & Company

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