CMES made a net profit of 382 million yuan in Q1

CMES released its financial results for the first quarter of 2021, during which the company achieved an operating income of 3.596 billion yuan, down 24.81% compared with the same period last year. Net profit attributable to shareholders of the listed company was 382 million yuan, down 69.86% compared with the same period last year; Net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, was 370 million yuan, down 70.10% compared with the same period last year.
 
CMES said in a statement that the international crude oil transportation market has been in a deep downturn since the fourth quarter of last year, with a sharp decline in the route market index.
 
However, the company's oil tanker fleet has locked in several time charters, COA and other charter contracts in 2020.
 
During the reporting period, the actual operating income of the company's tanker fleet was 1.013 billion yuan, a year-on-year decrease of 1.769 billion yuan.
 
At the end of the reporting period, the company owned and chartered more than 140 dry bulk carriers in its bulk cargo fleet (including 34 owned and joint venture VLOCs, 16 owned capesize bulk carriers and 30 owned and chartered Panamax bulk carriers, etc.).
 
During the reporting period, the company's bulk cargo fleet realized an operating income of 2.056 billion yuan, an increase of 443 million yuan year-on-year, and its profit contribution increased significantly.
 
Source: Sarah Yu, XINDE MARINE NEWS

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