April 10 - Cosco Shipping (Coscol) saw its 2012 revenue grow by 22.1 percent to RMB6.3 billion (USD1.02 billion), although net profit fell to to RMB19.15 million (USD3.09 million).
According to the shipping line, low time charter demand and increasing management and financial expenses were the main factors contributing to the profit decline.
However, Coscol reported substantial growth from its multipurpose vessel fleet and has begun optimising its overall fleet structure.
Coscol will add between four and eight 28,000 dwt heavy lift vessels to its fleet during 2013. It will decommission between four and eight 60,000-110,100 dwt multipurpose vessels in that time.
During 2012, Coscol's total fleet capacity rose to 1.55 million dwt - up from 1.18 million dwt in 2009. Over this time the average fleet age has fallen from 21 to 12.9 years old.