CHINA Shipping Container Lines Co, Asia's second-largest container line, said yesterday it will beat its profit forecast after raising rates for shipments from Europe and carrying more cargo from the United States.
Profit this year will be "significantly better" than the 3.18 billion yuan (US$430 million) previously expected, Chairman Li Shaode said in an interview in Shanghai last week, without giving a new figure. "Fewer empty boxes help cut costs on US routes." The company will earn 2.63 billion yuan, according to the average of nine analyst estimates compiled by Bloomberg News.
Shipping lines are carrying more out of US ports this year as a 10.3 percent decline in the dollar against a basket of major world currencies cuts overseas prices for exporters including General Electric Co and Caterpillar Inc. China Shipping raised rates for shipments from Europe to Asia by US$500 a box on October 1, Li said.