SIMIC

Hong Kong-based CSSC Shipping recorded a revenue of HK$3.21bn ($408m) last year, a year-on-year increased of 29.9%, the operation's efficiency reached the best level since the founding of the company decade ago.

The group’s fleet of 26 self-operated vessels achieved a total net profit of HK$632m last year, representing a substantial year-on-year increase of 117.3%, accounting for 36.32% of the group’s net profit.

According to CSSC Shipping, the company adopted an innovative cross-cyclical business model, seized the opportunities arising from the cyclical changes in the shipping market, continued to increase investment in clean energy equipment and segmented ship types with good market potential, properly responded to ship repurchases, and optimised asset allocation. By way of joint investment, joint leasing and other business models, the group built deeper relationship with upstream and downstream players. 20 new vessels were added to its fleet during the year, with a total contract value of US$1.51bn at record-high levels. 

CSSC Shipping continued to increase investment in clean energy equipment and became the leasing company with the largest investment, the most extensive coverage and the most complete industrial system in the field of clean energy equipment worldwide, it said. The company newly signed 4 LNG carriers with a capacity of 174,000 cubic metres last year and the number of LNG carriers fleet reached 7. As at the end of 2022, the group had 22 clean energy vessels in its portfolio, accounting for 40.5% of the total value of the contracts. 

The company also saw 19 new chartered-in and operated vessels with a total contract value of US$669m in 2022, mainly including 11 bulk carriers, 2 container vessels, 2 pure car and truck carriers (PCTC), and one 100,000-tonne smart aquaculture vessel.

In 2022, the size of CSSC Shipping’s fleet was 158 vessels, remaining unchanged compared to the same period in 2021. Among these, 129 vessels were under lease while 29 were under construction. The average age of vessels in operation was approximately 3.2 years.

The company will continue to expand the marine equipment leasing and investment business this year so as to become a leader in the sector, said CSSC Shipping.