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China Merchants Energy Shipping swings back to profit

China Merchants Energy Shipping swings back to profit
China Merchants Energy Shipping (CMES) has returned to the black in the first nine months of 2014.

CMES recorded a net profit of RMB313.07m ($51.17m) in the nine months ended 30 September 2014, as against a loss of RMB201.16m in the previous corresponding period.

Revenue in the first three quarters dipped 8.7% year-on-year to RMB1.76bn.

Last month, CMES announced an order for 10 VLOCs for charter to Brazil’s mining giant Vale.

CMES and its subsidiaries have also booked a total of five VLCCs at Dalian Shipbuilding Industry Co (DSIC) and Shanghai Waigaoqiao Shipbuilding, with deliveries scheduled between June 2016 to April 2017.

TAGS: Tankers vloc