Shares of China Shipping Container Lines (CSCL) surged 6.42 per cent yesterday after the mainland's No2 carrier on Tuesday posted earnings of 4.02 billion yuan in its first full-year result as a listed company. The stock rose 22.5 cents to close at $3.725. The firm said revenue had risen 46.4 per cent to 22.36 billion yuan. 'We broke our previous records in terms of operating efficiency and economic benefits through the optimisation of our fleet structure ... a flexible deployment of resources and stringent cost control,' chairman Li Kelin said. Mr Li, speaking at a post-results conference in Hong Kong yesterday, said the company expected to bring 21 new ships on stream this year, including the world's largest container vessels - with a capacity of 9,500 teu (20-foot equivalent unit) - now under construction at South Korea's Samsung Heavy Industries. He declined to confirm reports that the company was set to sign for a series of record-breaking 12,000 teu ships from the same yard in the next month. General manager finance Zhou Xinmin said capital expenditure on vessels this year would reach 3.9 billion yuan. CSCL's average freight rate last year - the price it charged for moving a box of cargo - increased 15.5 per cent, according to Mr Li. He declined to say how much the carrier charged per box. 'We expect that freight rates will rise a further 4 to 5 per cent this year. Compared with last year it will not be huge, but this year will be one of the best years for the industry,' Mr Li said. 'Our revenue growth this year will be much higher than the rise in our operating costs. 'Although the first two months traditionally make up the low season, the abolition of quotas on textiles has led to a significant [jump] in the export of Chinese products.' He said he expected to see strong results from the industry until the second half of next year when congestion at western ports could begin to play a factor. 'The growth in container shipments has the potential to outstrip the growth of port facilities, especially in the US and Europe,' he said.