UPDATE 1-TABLE-China Shipping 2007 net profit jumps 66 pct

(Adds first-quarter earnings forecast in final two paras)

SHANGHAI, March 26 (Reuters) - Year ended Dec. 31, 2007.

(in millions of yuan unless stated, against 2006 figures):

2007 2006

Turnover 12,686.97 vs 9,441.28

Net profit 4,596.05 vs 2,771.26

Earnings per share (yuan) 1.3819 vs 0.8332

Assets per share (yuan) 4.8616 vs 3.7750

Pretax dividend/shr (yuan) 0.50 vs 0.30

Company: China Shipping Development Co (600026.SS: Quote, Profile, Research, Stock Buzz)(1138.HK: Quote, Profile, Research, Stock Buzz)
is a major oil and coal carrier, which also ventured into the
iron ore business in late 2007.

Under international accounting standards, its 2007 net profit
jumped to 4.55 billion yuan ($646 million) from 2.76 billion yuan
a year earlier.

Note: The company published audited results, compiled under
domestic accounting standards, in the Shanghai Securities News on
Wednesday.

It said its earnings jumped last year as its core business of
ocean shipping was boosted by China's rapidly growing economy,
increasing the country's demand for oil, coal and iron ore.

In a separate statement, China Shipping said it expected a
more than 50 percent jump in its first-quarter earnings,
attributing the rise to a 40 percent year-on-year increase in
shipping rates for bulk cargo for 2008 as well as effective cost
controls.

It booked 1.05 billion yuan in net profit in the first three
months of 2007.
($1=7.044 Yuan)
(Reporting by Lu Jianxin and Fang Yan; Editing by Edmund
Klamann)