China Shipping Haisheng is bracing itself for a 2012 full year net loss of approximately RMB372.5m ($59.8m).

The Shanghai-listed company had registered a net profit of RMB12.71m in 2011.

“Shipping demand in China and the rest of the world has been weak due to a surplus of vessels. The slump in freight rates has impacted our financial results,” Haisheng said in a statement.

It added that operating expenses have gone up in 2012.

-- Source from Seatrade Asia