The world's biggest tanker owner, Cosco Shipping Energy Transportation (CSET), is forecasting a first-half earnings fall of up to 57%.
The CoscoCS-controlled company said profit to 30 June could drop to between CNY 800m and CNY 900m ($118.6m to $133.4m).
This compares to CNY 1.85bn a year ago.
The company was still operating a dry bulk cargo business in 2016, meaning it has lost out on revenue.
