On the evening of 27 August, Ningbo Shipping (SH 600798) released 2024 half-year performance report.
During the reporting period, Ningbo Shipping achieved an operating income of RMB 1,039,178,900, a decrease of 2.49% over the same period of the previous year; it achieved a net loss attributable to shareholders of the listed company of RMB 18,382,000.
Ningbo Shipping explained that the company's operating income mainly came from waterway cargo transport business and toll road operation business. The main reasons for the decrease of the company's operating income compared with the same period of the previous year are:
1. Income from waterway cargo transport business in the report period was RMB 80,507.34 million, a decrease of 2.02% compared with the same period of the previous year, mainly due to the following reasons: domestic freight prices continued to be at a low level in the report period, and even though the volume and turnover of the company's transport business increased to a certain extent compared with that of the same period of the previous year, and the company seized the favourable opportunity to expand the transport business outside the country with all its might, but due to the relatively large proportion of the domestic business, it resulted in the income decreasing slightly compared with that of the same period of the previous year. However, due to the large proportion of domestic business, the revenue decreased slightly compared with the same period of last year;
(2) Revenue from toll road operation in the reporting period was RMB23,111.32 million, a decrease of 4.30% compared with the same period of the previous year, mainly due to the impact of the opening of the new road network around the beginning of the year on the diversion of vehicles, and the decrease in revenue from the company's operation of toll road transport.
Looking ahead, Ningbo Shipping believes that in the second half of the year, the global economy will still be in the process of moderate recovery, and the complex factors such as changes in energy patterns, market supply and demand, extreme weather emergencies, trade protectionism and geopolitical conflicts will still give rise to greater uncertainties and imbalances. Overall it is expected that the international dry bulk transport market may be slightly weaker than in the first half of the year, but the average for the year will be better than the previous year, and international dry bulk capacity will continue to grow slightly.
Domestic economic expectations for the second half of the year are relatively optimistic, with the International Monetary Fund having revised up China's economic growth forecast for 2024 from 4.5 per cent to 5 per cent. Exports are expected to provide strong support for economic resilience, infrastructure investment is expected to rebound, real estate is expected to stabilise in the second half of the year, consumption may continue to recover, and industrial prices are expected to continue to rebound. It is expected that the number of deliveries of coastal bulk carriers in the second half of the year will continue to grow, which will further aggravate the pressure of oversupply in the market. Although the traditional peak season in the second half of the year may bring some growth in freight demand, it is difficult to see a significant expansion in the overall scale. Overall, it is expected that the level and frequency of volatility in China's coastal bulk transport market may amplify in the second half of the year.
https://www.cnss.com.cn/html/hyqy/20240828/354447.html
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