China Merchants Energy Shipping (CMES) has announced its profit surged 120% year-on-year to CNY558.3 million (USD87.2 million) in the first half of 2015.
This resulted from the prosperity in the international crude shipping market, the acquisition of Nanjing Tanker’s VLCC fleet, and a jump in CMES’ crude shipping capacity, a stock filing of CMES said on 14 August.
The operating profit of the company’s oil shipping segment increased 655% year-on-year to USD151 million, with the VLCC fleet up 855% year-on-year to USD134 million.
CMES’ bulker fleet posted an operating loss of USD5.8 million in the first six months in 2015, down from an operating profit of USD3.5 million of a year ago.
The company’s revenue, however, jumped 142% year-on-year to CNY2.9 billion.
As of 30 June, CMES’ VLCC fleet totalled 34 in operations with another 11 on order. The company also owned seven Aframaxes. Its bulker fleet comprised seven Capesizes and six Supramaxes, with 12 Supramax newbuildings on order. Its LNG tanker fleet remained at six, with 10 newbuildings on order.
In addition, CMES has sold two aged 49,000 dwt bulk carriers of the 1996-built Pacific Mercury and 1995-built Pacific Acadian for an aggregate of CNY54.4 million, and has postponed the demolition of two old tankers, due to have taken place in June 2016.