China Shipping Development Company Limited provided earnings guidance for the first quarter ended March 31, 2016. The group expects its net profit attributable to the equity holders of the company for the three months ended 31 March 2016 to be approximately RMB 155 million (equivalent to approximately HKD 186 million), representing a significant increase of profits as compared to a net profit of approximately RMB 65.95 million (equivalent to approximately HKD 79.05 million) attributable to the equity holders of the Company for the same three months period ended 31 March 2015. The remarkable performance of the Group was mainly attributable to the following reasons: the freight rates remained high in the international oil transportation market in the first quarter of 2016, resulting in the increase in revenue achieved by the Group from international oil transportation compared to the same period of last year; the decrease in bunker oil price compared to the same period of last year, resulting in relatively significant decrease in bunker oil expense recognised by the Group; and in February 2015, the Company completed its redemption of all outstanding convertible bonds which led to lower amount of interest-bearing debt borne by the Company, and simultaneously with several rounds of interest rate cut in 2015 by the People's Bank of China, resulting in further decrease in interest expense recognised by the Group.