China Huarong Energy, which was formerly known as China Rongsheng Heavy Industries Group Holdings (RSHI), said its loss shrank 33% year on year to CNY2 billion (USD318.1 million) in the first six months in 2015 due to delivery of newbuilds.
Its revenue totalled CNY379.1 million during the same period, a stock filing of Huarong Energy said. The revenue from sales of vessels was CNY361.4 million.
The company’s shipbuilding segment recorded revenue of CNY374.7 million for the period.It delivered four vessels with a total volume of 1 million dwt, including one very large ore carrier, two Suezmax crude oil tankers and one very large crude oil carrier. As of 30 June, its total orders on hand consisted of 31 vessels, representing a total volume of approximately 3.2 million dwt with a total contract value of approximately USD1.3 billion, including 18 Panamax bulk carriers, one Panamax crude oil tanker, 10 Suezmax crude oil tankers and two 7,000 teu containerships.
In July, the company obtained a new bank loan of CNY6 million, which will be repayable in July 2016. This bank loan will be used to finance shipbuilding activities.