Tanker and bulker shipowner China Shipping Development Co (CSDC) has improved its net profit in 2015 aided by higher contributions from its tanker shipping business and cost control efforts.

Net profit attributable to owners of the company was recorded at RMB417m ($64.3m), up 34.8% compared to RMB309.41m seen in 2014.

CSDC’s revenue was stable at RMB12.21bn in 2015 compared to RMB12.27bn in 2014.

“In 2015, the oil shipping market was better than in 2014 in general. Affected by beneficial afactors such as the higher shipping prices, significant decrease in fuel prices and gradual realisation of results from various innovative measures of the company, oil shipping business obtained a good result,” CSDC stated.

It added that lower fuel cost was the “highlight” of its cost controlling efforts. “In 2015, the company incurred fuel costs of RMB2.74bn, representing a decrease of 40% year-on-year,” the shipowner said.

The full year results exceeding the company’s forecast profit of between RMB320m to RMB400m.

In 2016, CSDC expects to add five new oil tankers and dry bulk carriers with a total tonnage of 150,000 dwt, and three new LNG vessels with a total capacity of 525,000 cu m.

CSDC, under parent China Shipping Group (CSG), is going through a reorganisation as part of CSG’s merger with China Cosco.

“The company will, in accordance with the group’s restructuring reform plan, strive to complete the restructuring of the company in the first half of this year,” CSDC said, adding that it aims to become the world’s biggest tanker owner by fleet size.