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CMES projects big jump in first half profit

CMES projects big jump in first half profit
China Merchants Energy Shipping (CMES) has projected a big jump in profit for the first half ended 30 June 2016.

The tanker and bulker shipping arm of China Merchants Group announced to the Shanghai Stock Exchange that it is anticipating a profit jump of 160-200% for the first half compared to the year-ago period.

In the first half of 2015, CMES posted profit of RMB558.34m ($83.9m), pointing to an expected gain of RMB893.34m to RMB1.12bn in the first six months this year.

The Chinese shipowner attributed the higher earnings to the RMB763.44m of government subsidy it received under the scrap-and-build policy, and the more favourable tanker shipping market.