The board of China Merchants Energy Shipping (CMES) revealed in its half year results published on Tuesday that the company plans to modernize its bulker fleet and approved the proposal of adding 12 handymax bulkers.

Furthermore, the company will dispose five old oil tankers within the framework of its fleet renovation plan.

The downturn in shipping market along with sluggish market outlook have paved the way for a substantial decline in profitability indicators of the company, resulting in a net loss of RMB138m for the first half of the year, compared to a RMB827m in the same period from last year.