China Shipping Container Lines Co. said its third quarter revenue rose 23.2% from a year ago on a similar rise in container volume during the period and higher shipping rates.

The Hong Kong-listed unit of state-owned ports and shipping operator China Shipping (Group) Co. said its revenue for the three months ended September totaled CNY7.78 billion, up from CNY6.31 billion in the same period last year. Its shipping volume rose 21.4% on year to 1.2 million 20-foot equivalent units, from 991,815 teus.

The company’s shipping rates for the period rose 3.1% from a year ago to CNY6,461 per teu from CNY6,264 per teu.

China Shipping said it expects its shipping capacity to increase 37.4% by year’s end compared with the beginning of the year as a result of new ship deliveries. For the third quarter, capacity rose 9.4% from the previous three-month period. (Dow Jones & Company, Inc.)