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Nanjing Tanker eyes return to profit and listing

Nanjing Tanker eyes return to profit and listing
Debt-ridden and delisted Nanjing Tanker Corporation (NJTC) is aiming to return to profit in 2015 and 2016 as it embarked on a restructuring, the company announced.

Having been delisted in the middle of last year, NJTC is also aiming to return to the Shanghai bourse in 2017.

In a restructuring progress update, the oil tanker arm of state-owned Sinotrans & CSC Group said it has reshuffled its business units, remodelled its organisation, reduced headcount, and changed its management system.

NJTC had chalked up four years of consecutive losses since 2011. The company had largely blamed its poor fortunes on the prolonged sluggishness of the global oil tanker shipping market.