China Merchants Energy Shipping forecast profit of $32m in 2014

China Merchants Energy Shipping (CMES) is expecting a net profit of approximately RMB200m ($32.3m) for its 2014 financial year, reversing from a loss in 2013.

The tanker and bulker shipowner had earlier told investors of an expected profit due to improvements in the oil tanker market.

In the first nine months of 2014, CMES recorded a profit of RMB313.07m. In 2013, the Chinese shipowner made a loss of RMB2.18bn.

CMES has been disposing of several elderly vessels in an effort to lower its operating costs and renew its fleet.
Source: Seatrade Global