The Shanghai-listed Chinese shipowner said the first half profit is forecast to plummet 60% to 70% from the gain of RMB1.57bn ($235.3m) recorded in the first half of 2016.
The tanker and bulk shipping unit of China Merchants Group blamed the anticipated reduced earnings to lower freight rates for its tanker fleet, and that it has not received the government subsidy under the scrap-and-build policy.
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