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China Merchants Energy Shipping sinks to H1 loss

China Merchants Energy Shipping sinks to H1 loss
China Merchants Energy Shipping (CMES) sank into the red in the first half of this year due to the sluggish shipping market.

The Shanghai-listed shipping company recorded a first half net loss of RMB137.49m ($22.41m), as against a profit of RMB82.72m in the same period of 2012.

Revenue during the period dipped to RMB1.3bn compared to RMB1.56bn a year ago.

Both the tanker and dry bulk businesses reported losses while the LNG shipping unit recorded a profit.