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.
Source: sino ship news. 31 October 2014
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