CSCL’s Profits Drop 97%

In the first six months of 2015, container shipping company China Shipping Container Lines (CSCL) saw a 97% fall in its profits year-on-year to around US$2.2 million, according to IHS Maritime 360.

PTI previously reported that CSCL has placed an order for eight 13,500 TEU ships for around US$930 million.

Of the total fleet, containerships with capacity over 4,000 TEU each accounted for 90% of CSCL's total fleet.

As of June 30, 2015, the company's total capacity stood at more than 900,000 TEU, with an average age of 8.3 years.

CSCL recently announced its plans to expand into Sri Lanka with operations at a regional trade hub in order to improve on its flexibility.

The news for the Chinese state-owned liner comes right after the Chinese stock market faced a big crash that could have the potential to cripple China domestically, and thereby affect the wider supply chain.