China Merchants Energy Shipping sees earnings soar in 2015

Net profit for 2015 soared to RMB1.15bn ($176.6m) from the 2014 gain of RMB200.26m, Shanghai-listed CMES said.

Revenue last year jumped by 136.6% year-on-year to RMB6.16bn helped mainly by contributions from its joint venture China VLCC, which expanded its fleet and increased its carrying capacity.

However, the sluggish dry bulk shipping market has partly offset the earnings of CMES, as the company took impairment charges on its bulk carriers.

Meanwhile, CMES has placed an order for 10 VLOCs at three different Chinese shipyards at a price of $85m apiece. The first newbuilding is scheduled for delivery in the first half of 2018.