China Merchants Energy Shipping, also known as CMES or Nanjing Tanker Corporation, has released its unaudited financial results for the third quarter and first nine months of 2025, showing a decline in profits compared to the same periods last year.
For the third quarter ended September 30, 2025, operating revenue was CNY1.50 billion ($206 million), a slight increase of 1.10 per cent year-on-year. However, net profit attributable to shareholders decreased by 13.47 per cent to CNY376.9 million. Net profit excluding non-recurring items showed a modest increase of 2.29 per cent to CNY368.7 million.
Cumulatively, for the first nine months of 2025, operating revenue fell by 14.77 per cent year-on-year to CNY4.27 billion. Net profit attributable to shareholders saw a significant drop of 42.81 per cent to CNY947.1 million.
The company primarily attributed the decline in year-to-date net profit to lower operating revenue and reduced gains from asset disposals compared to the previous year.
Net profit excluding non-recurring items for the nine months decreased by 32.66 per cent, mainly due to the fall in operating revenue. Net cash flow from operating activities also decreased by 27.69 per cent to CNY1.51 billion.
Despite the weaker results, the company highlighted market conditions. International product tanker freight rates remained lower year-on-year but showed some sequential recovery in the third quarter.
Domestic crude oil transport volumes saw slight growth, while chemical tanker markets experienced weaker demand. The company also noted its ongoing share repurchase program, having bought back 75 million shares by the end of September.
