BEIJING-based, but Hong Kong-listed, Sinotrans Shipping Limited has posted a profit 69 per cent decline in profit to US$106.4 million for the year ending December 31, drawn on revenues of $229.1 million, compared to the 2008 sales figure of $455,972,itself a year on year decline of 49 per cent.

Containers, which only represent $20.8 million of the $250.5 million group turnover, did better than most business segments however with box ship time chartering providing 15 per cent more revenue year on year.

Dry bulk shipping, which contributes $208.4 million of the $250.5 total revenue was cut in half to $37.6 from $80.3 million earned in 2008, a result blamed on depressed rates.

"With economic stimulus programmes by governments, the international dry bulk was the first to recover from the gloomy shipping market and the Baltic Dry Index [BDI] in the fourth quarter of 2009," said the group statement to the Hong Kong stock exchange.

"However, the rebound was only comparable to the market bottom in the fourth quarter of 2008. The average BDI still dropped by 59 per cent in 2009 compared to 2008 and hit the lowest record in recent years," the statement said.

Said Sinotrans chairman Zhao Huxiang: "2009 saw a substantial decline in world trade volume and falling shipping demand under the impact of financial crisis, while the supply of tonnage kept increasing. Yet, the group still achieved profit, mainly attributable to the flexible strategy of combining long-term and short-term time chartering."

Said the group statement: "Looking forward, the international shipping market will still be under pressure from newbuildings. But the supply pressure in the market will be relieved by resilient shipping demand with the improving world economy, especially the rapid growth of the Chinese economy."