The Shanghai-listed tanker and bulker owner said revenue showed a year-on-year decline of 8.4% to CNY 1.2bn.
Earlier this month CMES and Sinotrans & CSC announced they were teaming up to create a $1bn VLCC joint venture.
CMES will have a 51% controlling interest of the new venture with Sinotrans & CSC holding the remaining 49%.
CMES will contribute assets worth around $565m including nine VLCCs and 10 VLCC newbuild contracts.
