Dry CargoGreater China

China Merchants reviews chartering tactics as losses accumulate

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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