On August 28th, China Merchants Energy Shipping Co. Ltd. (CMES) released its 2024 Semi-Annual Report.
The announcement disclosed that in the first half of 2024, CMES realized operating revenue of RMB13.235 billion ( about US$1.858 billion), an increase of 1.88% year-on-year; net profit attributable to parent of RMB2.497 billion (about US$351 million), a decrease of 9.88% year-on-year; and net profit from deduction of RMB2.445 billion (about US$343 million), a decrease of 10.63% year-on-year; net cash flow from operating activities amounted to RMB4.097 billion ( about US$575 million), down 7.80% year-on-year.
According to the announcement, the change in operating income of CMES was mainly due to the significant year-on-year rebound of the dry bulk market. Revenue from the dry bulk fleet increased year-on-year, while revenue from the tanker transportation fleet and container transportation fleet declined year-on-year due to the downturn in the tanker transportation market and the decline in container tariffs, resulting in a slight increase in revenue year-on-year under the combined effect.
According to the announcement, CMES, as a professional shipping company focusing on international and domestic cargo transportation, with oil and gas (LNG) transportation and dry bulk shipping as its core businesses and other businesses (container, ro-ro transportation of vehicles, special transportation and shipping-related supportive businesses) as organic supplements, features a prominent main business, a clear business layout, and a complete market coverage and cargo source variety.