China Merchants Energy Shipping (CMES) has posted stronger first-half results on higher tanker rates but warned of an uncertain near-term outlook due to the ongoing US-China trade war.

The Shanghai-listed subsidiary of state conglomerate China Merchants Group recorded a 50% year-on-year gain in net profits to CNY 474m ($66.2m) in January-June, while revenues increased by 38.1% to CNY 6.38bn.

“VLCC markets were better year-on-year as our oil tanker fleet was growing. We were taking deliveries of newbuilding very large ore carriers (valemaxes) so our bulker earnings were supported,” CMES said in its quarterly report.