Greater China

China Shipping Haisheng back in profit

Shanghai: Following Cosco, another state-owned shipping company, China Shipping Haisheng, announced that company expects to return to profit for the year ended 31 December 2013.

The company attributes the profits to selling stakes, cost control and improving operational efficiency.

Shipping majors have been shedding assets in vast numbers in the past few months as they scramble to claw their way back to profit or risk embarrassing censoring from local stock exchanges.  [23/01/14]

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