China Shipping Development disposes of bulker

Shanghai: China Shipping Development (CSD) has announced that it has decided to sell one of its bulkers to Digang Shipyard, a recycling yard of China Shipping Industry for RMB12.01m. The 191,31dwt “Chang Jian” bulker was built by Jiangnan shipyard in 1982.

CSD said the deal will provide more operational funds for the company.

For the first three quarters of this year, CSD has gained total revenue of RMB8.48bn, an 8.81% decrease year-on-year, while profit has suffered a 149.8% decline to RMB406m.

Goldman Sachs has just downgraded shares of CSD from a buy rating to a neutral rating. [03/12/12]

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