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]