Cosco Shipping Energy Transportation has forecast a potential 80% decline in its first-half results compared with last year.

The Hong Kong-listed company expects to report net profit for the first six months of 2021 of between CNY 503m ($77m) and CNY 603m, against the CNY 2.95bn achieved 12 months ago.

“During the first half of 2021, against the backdrop of slow recovery of global oil demand, the ongoing implementation of the Opec+ production cut agreement that accelerated destocking, and the oversupply that led to the continued sluggish international oil shipping market, coupled with the year-on-year increase in international fuel prices, revenue from the international oil shipping market continued to hover at a historically low level,” the company said.