The slump in the dry bulk market looks set to undermine the full year growth prospects for Shanghai-listed China Merchants Energy Shipping (CMES).

The company, which operates crude oil tankers and bulk vessels, saw profit for the third quarter (Q3) of this year doubled year-on-year, according to its website.

Profits for the company grew 91% year-on-year in the first nine months of this year.

But CMES now warns that full year earnings growth could be as low as 50%, Lloyd's List reported.

The forecast was based on anticipated losses in the final quarter, caused by plunging dry bulk freight rates.

The 50% growth projection was the lower end of the company's estimates for its full year profit growth, with its forecast ranging from 50-100%.

A CMES official was quoted saying that the present estimates for full year results were "rather conservative compared to the 91% actual surge of earnings in the first nine months."

Robust market conditions and freight rates in both the tanker and bulker segments over the first three quarters of this year should ensure an increase in full year earnings, according to CMES.

Furthermore, CMES had additional income from the sale of two single hull aframaxes in the first half of this year.

CMES currently operates six VLCCs, one suezmax, eight aframaxes and three LNG carriers, along with seven capesizes, two panamaxes and 12 handymaxes.  It has seven VLCCs, five aframaxes, seven capesizes and two LNG carriers on order.

CMES is part of the China Merchants Group of companies.