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HomeMaritime NewsRegionsAsiaNanjing Tanker predicts fourth year of losses

Nanjing Tanker predicts fourth year of losses

Nanjing Tanker predicts fourth year of losses
Nanjing Tanker Corporation (NJTC) has warned investors of a 2013 full year net loss following a deficit in the first six months, and admitted that a delisting from Shanghai would be imminent.

Following the first six months loss of RMB728.43m ($119.11m), the Chinese tanker firm is expecting continuing losses for the first nine months and for the full year.

NJTC, a subsidiary of state-owned Sinotrans & CSC, had recorded three consecutive years of losses since 2010. Its shares on the Shanghai Stock Exchange have been suspended from trading.

NJTC attributed the company's dire situation to prolonged depressed freight rates in the tanker shipping market and high operating costs.

TAGS: Tankers
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