State shipowner China Shipping Development Co (CSDC) has cut its profit forecast for the full year due to woeful bulker markets.
The Hong Kong-listed owner said 2015 net earnings should be between CNY 320m ($48.65m) and CNY 400m, a rise of as much as 28.6% from the CNY 311m it logged for 2014.
It attributed this to tanker rate increases, leading to a significant increase in revenue, plus cost-control efforts.
CSDC
