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.
Source: Seatrade Global