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CMES forecasts H1 profit to more than double

CMES forecasts H1 profit to more than double
China Merchants Energy Shipping (CMES) has projected a 110% to 130% year-on-year increase in its first half net profit on the back of the uplift in the tanker shipping market.

The Shanghai-listed Chinese shipowner has reported an unaudited profit of RMB253.55m ($40.51m) in the January-June 2015 period.

CMES attributed the positive results to the continued strength in the tanker shipping market so far this year, and its larger transportation capacity from establishment of its joint venture China VLCC.

China VLCC, formed by CMES and Sinotrans & CSC Group in September 2014, operates a fleet of 33 oil tankers, after adding five ships this year.

Amid the projected earnings and fleet expansion, CMES had warned that it faced a lack of resources and management proficiency to keep up with its planned growth.

TAGS: Tankers