Hong Kong: The board of Sinotrans Shipping estimates that for the six months ending 30 June 2013 it is expected to record a substantial decrease in net profit as compared to the same period in 2012 and may even record a loss.
The substantial decrease in net profit or loss is mainly caused by the continued slowdown of growth in international trade and seaborne dry cargo due to the slowdown of the economy in China and other developing countries the company said, while also bemoaning the excess capacity in the dry bulk sector. [27/05/13]
