CMES Rides High on Hope
China Merchants Energy Shipping (CMES), a Chinese international oil tanker operator, projects doubled profit in the first half of 2015 from a year ago.
The Shanghai-listed Chinese ship-owner predicted on Friday that its net profits attributable to its shareholders would rise 110-130 percent year on year in the first half of this year. It has reported an unaudited profit of RMB253.55m ($40.51m) in the January-June 2015 period.
CMES aims to double its revenues in 2015 from 2014, to CNY5.4 billion with the deliveries of newbuilds after a rash of scrapping of old tonnage in 2014. In 2014, CMES' revenues rose 1.4% y/y to CNY2.6 billion.
The company attributed the positive results to the continued strength in the tanker shipping market this year and the company's improved transportation capacity from establishment of its joint venture China VLCC.
China VLCC, formed by CMES and Sinotrans & CSC Group in September 2014, operates a fleet of 33 oil tankers, after adding five ships this year.