Wednesday, August 22, 2012
China Shipping Development delays delivery of tankers, bulkers
Bulk-shipping firm China Shipping Development Co. has reportedly delayed the delivery of 10 oil tankers and bulk vessels for another 6 to 18 months, while holding off of an additional 10 ships on order on the heels of posting its first net loss in 14 years.
"Delay delivery of each ship will save up to 800,000 yuan ($125,900) of interest expense each month," said China Shipping Development's chief financial officer, Wang Kangtian, to reporters.
The shipping company posted a net loss of 495 million yuan for the six months of 2012, the firm's first loss since 1998. The company posted a profit of 684 million yuan for the same period last year.
For the full Reuters story: reuters.com
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