Shanghai-listed CMES posted first quarter deficit of RMB70.87m ($11.46m) as against a net profit of RMB52.23m in the same period of last year.
The VLCC owner saw operating revenue decreased 20% year-on-year to RMB650.45m.
In 2012, CMES recorded full year profit of RMB91.07m on revenue of RMB2.87bn.
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