BEIJING (Bloomberg) — China Shipping Container Lines Co., the country's second-largest cargo-box carrier, said 2008 profit tumbled 99 percent as a global recession caused rates to tumble.

Net income fell to 42.97 million yuan ($6.3 million), from a restated 3.23 billion yuan a year earlier, the Shanghai-based company said in a statement to Hong Kong's exchange. That compares with the 443.4 million yuan average of seven analyst estimates complied by Bloomberg. Sales dropped 11 percent to 34.76 billion yuan.

A.P Moeller-Maersk A/S, the world's largest container line, and Orient Overseas (International) Ltd. have also posted lower profits after US and European consumers pared spending on Asian-made goods amid housing market slumps and rising job concerns. This year, rates have fallen to unprofitable levels as demand wanes and new ships enter service.

"China Shipping is very likely to have a loss this year," said Jack Xu, a Sinopac Securities Asia Ltd. analyst in Shanghai. "It's highly exposed to Asia-Europe and Asia-American routes."

China Shipping Container, Maersk and other lines have announced plans to raise rates this month or next in a bid to stem losses. The lines have also laid up ships to cut capacity. About 13 percent of the global fleet, or 587 vessels, were anchored on March 22, according to data complied by Bloomberg.

Orient Overseas, Hong Kong's largest container line, suffered a 65 percent plunge in second-half profit. Maersk, whose annual earnings dropped five percent last year, has said that 2009 profit will be "significantly" lower.