The board of directors of COSCO SHIPPING Energy Transportation Co., Ltd. announced that the group expects its net profit attributable to the equity holders of the company for the year ended 31 December 2016 to be in the range of approximately RMB 1.8 billion (equivalent to approximately HKD 2.036 billion) to approximately RMB 2.1 billion (equivalent to approximately HKD 2.375 billion), representing an increase of approximately 48% to 72% as compared to the net profit attributable to the equity holders of the Company for the year ended 31 December 2015 of approximately RMB 1.218 billion (equivalent to approximately HKD 1.378 billion). The improvement in the Group's profitability is mainly attributable to the following factors: the proceeds of sale of the Company's wholly-owned subsidiary, China Shipping Bulk Carrier Co., Limited, which specializes in dry bulk shipping; the group's enhanced cost control measures, in particular its effective control over fuel costs; and the abovementioned estimated net profit attributable to the equity holders of the Company for the year ended 31 December 2016 having taken into account items such as the special subsidies received during the year ended 31 December 2016 for scrapping old vessels and building new ones, the profit or loss arising from the disposal of vessels and the provision for liabilities in respect of estimated losses on long-term chartering contracts which is subject to the approval by the shareholders of the Company.