CMES Eyes 12 Handymax Bulk Carriers

Triggered by a desire to modernize its bulker fleet, the board of China Merchants Energy Shipping (CMES) gave a green light to the proposal of adding 12 handymax bulk carriers, the company revealed on Tuesday in its half year results.

What is more, CMES also intends to dispose of five outdated oil tankers within the framework of its fleet renovation plan.

The downturn in shipping market along with sluggish market outlook have paved the way for a substantial decline in profitability indicators of the company, resulting in a net loss of RMB138m for the first half of the year, compared to a RMB827m in the same period from last year.

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Shipbuilding Tribune Staff, August 28, 2013