PACIFIC Basin Shipping Ltd, Hong Kong's largest operator of dry-bulk vessels, said yesterday first-half profit more than doubled as China's demand for coal and iron ore boosted freight rates.

Net income rose to US$337.6 million, or 21 cents a share, from US$162.9 million, or 10 cents, a year earlier, the company said in a Hong Kong stock exchange statement. Sales doubled to US$909.9 million.

Pacific Basin follows Sinotrans Shipping Ltd and Nippon Yusen KK in boosting profit after demand for commodities in China and India allowed it to charge 83 percent more for chartering out its largest bulk vessels.

99bill.com Public utility payments go online

Shanghai-based third-party online payment service, 99bill.com, said yesterday it would launch an online public utility payment service in the city.

Through the 99bill.com platform, Shanghai residents would be able to pay public utility bills, from water and gas to phone bills, directly through bank accounts. The company won't charge users a commission fee. Similar services will be gradually introduced in other regions, 99bill.com said.

In 2008, China's third-party online payment market revenue is expected to reach 210 billion yuan (US$30.88 billion).