China Shipping H1 profit up by 44% YoY

It is reported that China Shipping Development Co H1 of 2008 profit uo by 44% YoY as demand for vessels to transport fuels and metals rose in the world's fastest growing major economy.

China Shipping Development Co in a statement to the Shanghai Stock Exchange said that its net income climbed to CNY 3.18 billion from a restated CNY 2.21 billion.

Mr Li Shaode chairman of China Shipping Development Co said that China Shipping will spend CNY 23 billion over the next five years on new vessels to benefit from demand for cargo transport.

China Shipping in the statement said that China's expected stable economic growth may sustain shipping demand in the second half of this year, shipping rates for oil products and dry bulk cargoes may be highly volatile and are at risk of declining.