China Merchants Energy Transportation (CMES) has reported an estimated total loss of RMB121.6m ($18.8m) across 14 bulkers it has chartered in.
The losses come from four panamax bareboat charter contracts, four panamax time charter contracts and six woodchip carrier bareboat charter contracts. All of the contracts will expire in 2021 and 2022.
The company estimated the losses after an assessment of the profitability of its vessels, and has recorded the losses on impairment.
VesselsValue data shows CMES currently owns a bulker fleet of 33 vessels, made up of 21 capesizes and 12 ultramaxes.