Cosco Shipping Energy Transportation (CSET) expects to post a year-on-year decline in first-half profit due to a lack of vessel disposals this year.

The Hong Kong-listed VLCC giant expects its interim net profit to be down by CNY 345m ($47.4m), or 11.9%, year on year to CNY 2.55bn.

In the first half of the 2023 financial year, the company disposed of five vessels, including three veteran VLCCs to Indian cash buyers — the 299,100-dwt Cosbright Lake and Cosglory Lake (both built 2003), which sold for $40m and $42m, respectively, and 298,800-dwt Cosgreat Lake (built 2002), which fetched $39m.