On April 30, China Merchants Energy Shipping (CMES) released the “2025 First Quarter Report”.
The report disclosed that CMES’s revenue in the first quarter of 2025 was 5.595 billion yuan (about 7.69 US dollars), a year-on-year decrease of 10.53%; net profit was 865 million yuan (about 1.19 US dollars), a year-on-year decrease of 37.07%.
CMES stated that the decline in net profit was mainly due to the fact that the freight rates in the tanker and dry bulk shipping markets during the reporting period were significantly lower than the same period last year, and that income tax expenses were accrued based on the expected cash dividends of wholly-owned overseas subsidiaries during the reporting period.