China Shipping Haisheng (CS Haisheng) has forecast a return to profit in its financial year ended 31 December 2013 over a deficit in the previous year.

Shanghai-listed CS Haisheng is expecting a profit of around RMB19.35m ($3.2m) in 2013 as against a loss of RMB372m in 2012.

The subsidiary of state-owned China Shipping Group explained that the rise in earnings is due mainly to returns from share investments, control on expenditures and higher operational efficiency.

CS Haisheng operates a fleet consisting largely of dry bulk carriers and a handful of chemical tankers and product tankers.