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Nanjing Tanker extends losses into Q1

Nanjing Tanker extends losses into Q1
Nanjing Tanker Corporation (NJTC), which will be delisting from the Shanghai bourse later this week, has continued to post a net loss in the first quarter of 2014.

The Chinese tanker shipowner recorded a first quarter loss of RMB255.51m ($41.05m), narrowing from a loss of RMB359.41m in the corresponding period of last year.

Revenue during the January-March period dropped 12.9% year-on-year to RMB1.67bn, NJTC announced to the Shanghai Stock Exchange.

The subsidiary of state-owned Sinotrans & CSC Group will be delisted from the stock exchange by this week after it racked up four consecutive years of net losses, plus the latest quarterly loss.

Amid its financial woes, NJTC announced that it will continue to steadily expand its VLCC and MR businesses, streamline its management and control its bunker fuel expenses as an overall attempt to lower operating costs and raise efficiency.

TAGS: Tankers