BEIJING (Bloomberg) — China Shipping Development Co., the dry-bulk arm of the nation's second-biggest shipping group, said first-half profit rose 60 percent as rates for transporting iron ore, coal and grains increased.

Net income rose to 978.8 million yuan ($144 million), or 0.29 yuan a share, from 613.6 million yuan, or 0.18 yuan, a year earlier, the company said in a filing to Hong Kong's stock exchange yesterday. That compares with the 967 million yuan average of three analyst estimates compiled by Bloomberg. Sales increased 34 percent to 5.53 billion yuan.