Sinotrans profit soars on high bulk cargo demand

Bulk carrier Sinotrans Shipping rode a wave of Chinese demand for iron ore and coal to a tripling of first half profits.

Net profit from January through June rose rose 231% from a year earlier to USD190.82 million on strong growth in its dry bulk and container shipping businesses. It's the latest example of rising bulk rates driving profits up for carriers. Japanese competitors NYK Line and MOL earlier this week announced big profit increases, mostly due to increased revenue from bulk activities, while fellow Japanese carrier K Line, which is more heavily dependent on container trade, saw profit decline more than 16% in the first quarter of its fiscal year.