With a core business in tankers China Merchants Energy shipping forecasts a net profit of around RMB1.3bn in the first quarter of this year, an increase of around 120% year-on-year.
Although the bulk and container shipping market had been affected by the Covid pandemic, conflicts between Russia and Ukraine, and the Chinese New Year holidays, the market maintained well performance even in the low season, said CMES.
The container fleet of the company demonstrated excellent operational ability and posted a net profit growth of around 182% in Q1 as the container rates in Asia regions remained high.
Tanker sector posted a small loss while the LNG carriers performed as expected.
As the end of 2021, CMES operated a fleet of 56 tankers, 190 bulk carriers, 21 LNG carriers, 23 ro-ro vessels and 29 containerships.
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