Winland Online Shipping Holdings Corporation, www.winlandshipping.com – the international bulk cargo shipping company with a global reach via its fleet of Company-owned vessels, and the owner and operator of “Shipping Online” www.sol.com.cn – China’s biggest shipping industry portal, announced excellent sales data through their Q2 FY10 (ended June 31) report today.
CEO of WLOL, Mr. Xue Ying, clearly happy with the results, cited enhanced utilization of the Company’s augmented capacity via one new vessel in September 09, and the acquired utilization of another in May this year. Mr. Xue Ying also noted that the enhanced utilization coincided with the “improvement in the overall global economy and the shipping industry”, as demonstrated by the Baltic Dry Index rising 29% in Q2, which, combined with the added shipping capacity, constituted the basis for a sharp upswing in revenue that has put the Company back in the black:
• Revenue up 78.4% to $21.3M ($11.9M in 2009)
• Net Income up 375.8% to $2.98M (net loss of $1.1M in 2009)
• Revenue up 44% to $35.98M ($24.87M in 2009)
• Net Income up 211% to $4.6M (net loss of $4.1M in 2009)
Mr. Xue Ying indicated that WLOL is strategically expanding its fleet, and noted the novation agreements entered into by subsidiaries Fon Tai and Won Lee on May 20th, which has them assuming rights and obligations for the Rich Forth Investments Limited ship building contracts with JiangSu for two 57k dwt bulk carriers.
The contracts for each ship were agreed to at $29.95M, with Fon Tai expecting to take delivery this year (Dec. 15) and Won Lee receiving its vessel in 2011 (March 15). WLOL’s recent 10-Q filing goes into greater detail.
Acting as a business platform, information hub and logistical services tool, Shipping Online has single-handedly done a tremendous amount of work in transforming the Chinese shipping industry, leading to great success for WLOL.
Mr. Xue Ying pledged to maintain expense monitoring policies while pursuing circumspect growth initiatives and strengthening WLOL’s dominant online and industry presence via the wildly popular and powerful Shipping Online portal.