China Merchants Energy Transportation (CMES) reported an estimated total loss of RMB121.6m ($18.8m) across 14 bulkers it has chartered in, reports Splash 247.
About the lossAccording to CMES, the losses were reported to be from:
- four panamax bareboat charter contracts,
- four panamax time charter contracts and
- six woodchip carrier bareboat charter contracts.
All of the contracts will expire in 2021 and 2022.
The company estimated the losses after an assessment of the profitability of its...