China Shipping Development, one of the country's major shipping conglomerates, said it was heading into more challenging waters in the second half after reporting a 60 per cent increase in interim net profit, reported the South China Morning Post.

        But the company said it had prepared for freight rate volatility in the bulk shipping market by setting up more long-term contracts with mainland power plants and coal mines.

        China Shipping recorded net profit for the first six months of US$144.18 million following sales of $814.42 million, a year-on-year increase of 34 per cent thanks to a 25 per cent rise in shipping volume.