Sanctions-hit Cosco Shipping Energy Transportation (CSET) reported improved third-quarter results mainly due to better tanker earnings.
According a quarterly report, the tanker arm of state conglomerate China Cosco Shipping achieved net profits of CNY 187m ($26.5m), compared with CNY 22.6m in the same quarter of 2018.
Operating revenue rose to CNY 3.39bn from CNY 3.18bn.
Despite limited scrapping and a large number of newbuilding deliveries, tanker earnings were supported by healthy global oil demand growth, CSET said.
