CHINA Shipping Development Co, the nation's largest oil carrier, yesterday said third-quarter profit rose 28 percent, lifted by the country's rising imports of crude.

Net income climbed to 1.54 billion yuan (US$225 million), or 0.45 yuan a share, from 1.21 billion yuan, or 0.36 yuan, a year earlier, the Shanghai-based company said in a statement to the city's stock exchange, citing domestic accounting standards, according to Bloomberg News. Sales rose to 5 billion yuan from 3.2 billion yuan.

The Baltic Dirty Tanker Index, a gauge of chartering rates, rose 67 percent in the year ended on September 30, helped by demand for gasoline and other fuels in China.