Tanker owner China Merchants Energy Shipping (CMES) is expecting a big drop in net earnings for 2017.
It cited a provision for an impairment to fixed assets for the forecast fall of between 61% and 68%.
The company will still bank between $560m and $680m in profit, however.
Last year it said it would pocket CNY 101m ($15.24m) of state ship scrapping subsidies as compensation for the recycling of vessels.
