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CSSC SHIPPING HONGKONG POST BEST PERFORMANCE FOR 2022

 

The group’s fleet of 26 self-operated vessels achieved a total net profit of HK$632m last year, representing a substantial year-on-year increase of 117.3%, accounting for 36.32% of the group’s net profit.

According to CSSC Shipping, the company adopted an innovative cross-cyclical business model, seized the opportunities arising from the cyclical changes in the shipping market, continued to increase investment in clean energy equipment and segmented ship types with good market potential, properly responded to ship repurchases, and optimised asset allocation. By way of joint investment, joint leasing and other business models, the group built deeper relationship with upstream and downstream players. 20 new vessels were added to its fleet during the year, with a total contract value of US$1.51bn at record-high levels. 

The company saw 19 new chartered-in and operated vessels with a total contract value of US$669m in 2022, mainly including 11 bulk carriers, 2 container vessels, 2 pure car and truck carriers (PCTC), and one 100,000-tonne smart aquaculture vessel.

In 2022, the size of CSSC Shipping’s fleet was 158 vessels, remaining unchanged compared to the same period in 2021. Among these, 129 vessels were under lease while 29 were under construction. The average age of vessels in operation was approximately 3.2 years.

The company will continue to expand the marine equipment leasing and investment business this year so as to become a leader in the sector, said CSSC Shipping.

CHINA POSTS SURPLUS RECORD TRADE WITH AFRICA

China has posted its biggest ever trade surplus with exports growing to $333 billion in July, new Chinese government data has revealed.

The total trade surplus reached $101.3 billion for the month, breaking the record previously set in June. Exports rose by 18% when compared to July 2021.

African commodities

An increase in trade between China and Africa was partly responsible for this boom, rising by 16.6% to $137.4 billion in the first half of this year.

A recovery in commodity prices, including oil, was a significant factor in this increase, according to the South China Morning Post.

Many African countries are resource-rich and supply vital commodities to China – such as oil from Angola, copper from Zambia, and cobalt from the Democratic Republic of Congo for batteries for electric vehicles and IT equipment.

China imported goods worth $60.6 billion from Africa in July, a 19.1% increase on equivalent 2021 figures, while exports to the continent increased by 14.7% to $76.8 billion.