Shenzhen-listed China International Marine Containers (CIMC) has posted first-half profits up by 46.7% on the same time last year.
These amounted to CNY1.5 billion (USD1.13 billion) on revenue up by 1.8% year-on-year to CNY32.7 billion.
In its interim report, released on 16 September, the company noted a steady rise in demand for containers, continuing a trend that began in 2014 with increasing optimism about growth in the global container trade and the deployment of new ships at the beginning of 2015.
In the first half of 2015, the company’s sales of ordinary dry containers totalled 736,100 teu, up 17.7% from last year, while reefer container sales stood at 86,900 teu, an increase of 22.9 %. In the period, profits for the container business as a whole, at CNY710 million, soared by 120% from last year.
As the International Monetary Fund and the World Bank are predicting a slowing of global economic growth in the second half of 2015, shipping-related institutions have lowered their estimates for container trade growth over the full year.
Significant factors noted by CIMC include a continuing decline in overseas demand for containers and for Chinese exports. In addition, available box ship capacity is growing much faster than cargo volumes, depressing freight rates on east-west lines.
Therefore, the company expects demand for containers in the second half of 2015 to be weaker than in the first half.