Greater China

CMES reports impairment of RMB1.98bn for 19 tankers

Shanghai: China Merchants Energy Shipping announced in the latest shareholders’ meeting that the company has booked an impairment provision of RMB1.98bn for 19 old tankers in the fiscal year of 2013.

CMES has been an active player in the tanker market to scrap old vessels in an effort to optimize the efficiency of the fleet. The average age of the company’s scrapped vessels in 2013 has decreased to around 20 years. [26/02/14]

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