China Merchants Energy Shipping expects 2014 profit

The tanker and bulker shipowner had recorded a profit of RMB313.07m in the first nine months of last year.

In the financial year 2013, CMES had made a loss of RMB2.18bn.

Shanghai-listed CMES commented that the oil tanker market has witnessed signs of an improvement in 2014, and the company has managed to capture some of the growth opportunities in both the oil tanker and dry bulk segments.

At the same time, the group has disposed of a high number of elderly vessels, helping to lower its operating costs and renew its fleet.

Last week, CMES announced that it has purchased 10 secondhand VLCCs built between 2008 to 2014, bringing its VLCC fleet to a total of 28.