Tuesday, August 4, 2020
Martin Hennecke

Pacific Basin sails into US$222m loss
Maritime transport operator Pacific Basin Shipping (2343) reported a net loss of US$222 million (HK$1.73 billion) for the first half of this year, compared with a net profit of US$8.2 million a year ago. No interim dividend was declared. Revenue for the six months ended June totaled US$682 million, an 11 percent drop from a year ago. Chief executive Mats Berglund predicted that the global economy and dry cargo transport demands will continue to weaken this year, but loadings in China performed better than a year ago, with a recovery in trading in the past few months. The company expects the cargo business will recover in the second half this year, but that a strong rebound would be different, given the uncertainties of the pandemic. Meanwhile, China Shenhua Energy (1088) warned net profit for the first half this year could drop 16 percent from a year before to 20.4 billion yuan (HK$22.5 billion). This is mainly due to the pandemic, which led to the decrease in sales of coal, electric power and coal chemical products, as well as the railway transportation turnover and a decrease in the average sale price of coal and coal chemical products, said the company. However, Yanzhou Coal Mining Company (1171) reported the sales volume of its saleable coal grew 22.67 percent year-on-year to 67.82 million tons during the first half this year, with production rising 6.63 percent to 50.11 million tons.

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