May 4 - Cosco Shipping Specialized Carriers has reported a 1,104 percent year-on-year first quarter net profit increase,totalling CNY11.06 million (USD1.61 million).

 Revenues were up by 17.8 percent to CNY1.6 billion (USD232 million). Cosco attributed the surge to strong returns from equity investments and an improved shipping operating environment. 

The company shipped 3.03 million tonnes of cargo in the first quarter, an increase of 6.1 percent.

Its multipurpose vessels shipped 1.06 million tonnes - up 40.6 percent year-on-year. Heavy lift vessels accounted for  610,000 tonnes, up 50.7 percent. Semi-submersible ships shipped 73,000 tonnes of cargo, up 116.8 percent. Car carriers delivered 90,000 tonnes, up 87.5 percent year-on-year.