CHINA Shipping Container Lines (CSCL) posted a 305 per cent first quarter year-on-year profit increase to US$40 million, drawn on revenues of $1.3 billion, which declined 9.4 per cent. 

The good result has been attributed to lower operating costs, rate growth on some trades and government subsidies for the disposal of vessels allowed the carrier to build on its $171 million net earnings achieved last year, a big boost on the 2013 result.

CSCL has benefited from lower fuel costs in the first three months of the year. The carrier said the declining fuel prices had lowered bunker costs 22.7 per cent in 2014 year on year and fuel-efficient ships had cut bunker burn 15.8 per cent.