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China Merchants Energy Shipping hit by $33m lossChina Merchants Energy Shipping hit by $33m loss

China Merchants Energy Shipping (CMES) chalked up losses in the first nine months of this year, and it has anticipated further losses for the rest of the year due to the sluggish tanker shipping market.

Lee Hong Liang, Asia Correspondent

October 21, 2013

1 Min Read
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The Shanghai-listed company reported a net loss of RMB201.16m ($32.98m) from January to September this year as against a profit of RMB67.8m in the corresponding period of 2012.

Revenue during the nine-month period was RMB1.93bn, down 13% from RMB2.22bn a year ago.

“The tanker shipping market saw a brief increase in activities in early-July but they were not sustainable. In dry bulk shipping, the market witnessed a rather strong upward trend in rates for capesizes in September, pushing the BDI to 2,127 points at one point,” CMES commented.

It added that due to the grim outlook of the tanker market, the company has projected continued losses for its financial year ending 2013.

Read more about:

dry bulk shipping

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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