HIGHER freight rates for domestic bulk cargo and energy-related bulk shipping services helped drive a surge in China Shipping Development’s net profit in the first quarter. The tanker and bulk vessel operator, a subsidiary of state-owned China Shipping Group, posted a 60% rise in net profit to Yuan1.68bn ($241m) in the first three months of this year. Revenue rose 59% to Yuan4.5bn, of which more than half came from the company’s tanker business. However, higher fuel and vessel leasing costs resulted in a 57% increase in operating costs to Yuan2.41bn, the company said.