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.