Winland Ocean Shipping Reports 2011 Earning Results, Net Income Reached 3 Million in the Depressed Market

HONG KONG, March 30, 2012 /PRNewswire-Asia-FirstCall/ -- Winland Ocean Shipping Corp. (OTC Bulletin Board: WLOL), a global shipping Company, today announced 2011 financial results. Revenue increased to $60.76 million. Net income reached $3.05 million. The Company kept profitable during the economic recession.

In 2011, suffering from severe economic downturn, the global shipping market dropped to the lowest point in the past decade. BDI, the indicator of the global dry bulk shipping market, was only 1544 point on average in 2011, decreasing significantly by 44% from 2756 points in 2010. In 2009 when the economy plunged since recession, BDI was 2619 points. BDI reached up to 6390 points before the crisis took place in 2008.

"From the BDI movement in recent years, it shows that the global shipping industry has dropped to a historical low level. Shipping companies have been experiencing operational challenges. Many of our competitors, including China- and worldwide-based, have fallen into losses. I'm so pleased that our company has maintained profits, which reflects our strong performance and solid customer base," said the Company CEO, Ms. Xue Ying. "In 2011, in addition to improving our operation and building our customer base, we have continued to optimize the fleet structure. We disposed three old small vessels when the shipping freight was low in the late half of the year, which provided sufficient cash flow to fund profitable operation."     

The Company president, Mr. Li Honglin, pointed, "Shipping is a cyclical industry. We do see the opportunity built in the current difficult economy. The disposition of the three old vessels decreased our shipping capacity by 73,000 DWT; meanwhile, we purchased a 32,000 DWT and built two 57,000 DWT dry bulk vessels, which increased our capacity by 146,000 DWT. We are confident on our growth potential." Mr. Li continued, "in addition to direct purchases and building vessels, we adjusted our chartering business to expand our fleet scale and capacity. We will not engage in the voyage charger and less-than-six-month short-term time charter; instead, we will concentrate on bareboat and long-term time chartering businesses. It will fully utilize our expertise and advantages on ship management and customer services, ultimately will generate more profit."

Description of Winland Ocean Shipping Corp.

Winland Ocean Shipping Corp. is a global shipping company with a fleet of 11 Company-owned vessels, mainly in the handysize and supramax category, engaged in ocean transportation of dry bulk cargoes and chartering services worldwide.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive services and products, pricing and new technology; changes in customer preferences and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of doing business, and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

No securities regulatory authority has either approved or disapproved the contents of this news release.

SOURCE Winland Ocean Shipping Corp.