China Shipping Container Lines Faces Loss in H1

China Shipping Container Lines Co Ltd said it would swing to a net loss for the first half of 2011 from a profit a year ago, with the international container market adversely affected by the debt crisis in Europe.

In a filing to the Hong Kong bourse on Thursday, the firm said the market was also hit by the earthquake in Japan, a substantial increase in crude oil prices and newly-added shipping capacity.

It posted a profit of 1.17 billion yuan ($181.6 million) in the first half of 2010.

H-shares of the company have fallen 32.3 percent so far this year to end at HK$2.33 on Wednesday.

(reuters)