China Shipping Development Company Limited provided earnings guidance for the year ended December 31, 2014. The Board informed the shareholders of the Company and potential investors that based on the preliminary assessment by the Board of the unaudited consolidated management accounts of the Group for the year ended December 31, 2014, the Group expects its net profit attributable to the equity holders of the Company for the year ended December 31, 2014 to be approximately RMB 300 million (equivalent to approximately HKD 372 million), representing a sharp increase of profits as compared to a net loss of approximately RMB 2,234 million (equivalent to approximately HKD 2,772 million) attributable to the equity holders of the Company for the year ended December 31, 2013. The remarkable performance of the Group was mainly attributable to: (1) the increase in freight rates in the international oil transportation market, resulting in the relatively significant increase in revenue achieved by the Group from international oil transportation; (2) efforts made by the Group to further strengthen its control over costs, resulting in notable achievement particularly over fuel costs and labor costs; and (3) the Company received government subsidies of approximately RMB 456 million (equivalent to approximately HKD 566 million) for the disposal and retrofitting of vessels owned by the Group.