China Shipping Container Lines said its net loss for the first quarter narrowed 24.1 percent from a year earlier to $22.5 million, after three consecutive quarters of profits.
CSCL’s quarterly report showed that net cash reserves decreased approximately $277 million, mainly due to increased vessel construction and purchase of fixed assets. The report gave no details, but CSCL has recently added several ships with capacities up to 14,000 20-foot equivalent units.