CHINA Shipping Container Lines Co, Asia's second-largest carrier of sea-cargo boxes, plans to sell shares in the country this year after first-half profit jumped more than 14-fold because it raised rates and carried more cargo.

The share sale will fund the purchase of new ships and the repayment of loans, the Shanghai-based company said in a statement. The company will offer 20 percent of its enlarged share capital in the sale, spokesman Ye Yumang said.

China Shipping's first-half profit surged as rates for Asia-Europe shipments climbed more than 20 percent from a year earlier, according to Ye. The higher rates and China's booming stock market spurred larger rival China Cosco Holdings Co to sell 15 billion yuan of Shanghai-listed A shares in June.

"It's a good time to sell A shares," Edward Wong, an analyst at Quam Ltd in Hong Kong, told Bloomberg News. "Investors are more willing to buy stocks at high valuation."

First-half net income rose to 1.16 billion yuan (US$153 million), or an undiluted 0.19 yuan a share, from last year's 81.2 million yuan, or 0.01 yuan a share, China Shipping said. The company plans to issue 5.5 bonus shares for every 10 held, it added.

China Shipping didn't say how much it aimed to raise in the share sale.

China Cosco, Bank of Communications Co and other Chinese companies have raised almost US$20 billion in mainland share sales this year, according data complied by Bloomberg. The benchmark CSI 300 Index has more than doubled during the period.

China's exports rose 27 percent to US$546.7 billion in the first half, while imports increased 18 percent to US$434.2 billion. About 90 percent of world trade moves by sea.