CMES receives ship recycling subsidy

Shanghai: China Merchants Energy Shipping (CMES) has announced that it has received a RMB507m ship recycling subsidy from parent China Merchants Group.

The company is in the middle of a massive fleet optimisation plan, with 10 VLCCs and 12 bulkers under construction.

CMES is currently planning to set up a joint venture with sister company Hong Kong Hoi Tung Marine Machinery to start ship broker services for newbuilds, second hand ships and retired ships.

CMES reported a net profit of RMB313m for the first three quarters of this year, a significant improvement from the RMB201m loss during the same period of last year. [31/10/14]

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