Shipping firm trims earnings estimate

China Merchants Energy Shipping Co, the country's largest operator of international oil tankers, estimated that profit for the first quarter this year was likely to fall by more than 50 percent from a year ago due to lower freight rates.

Its net income for the first quarter of 2008 stood at 441.6 million yuan.

"The global economic downturn has led to a slump in the freight market," the statement said. "This has resulted in a substantial decline in freight rates from a year ago."