Nanjing Tanker seeks $1.5bn bank loan

In a statement to the Shanghai Stock Exchange, the board of NJTC has on Monday approved the company to seek the loan from banks, though no specific banks were named.

Shanghai-listed NJTC said earlier said that a delisting is confirmed as the company will post four years of consecutive losses since 2010. In the first three quarters of 2013, NJTC recorded a loss of RMB984.71m.

The subsidiary of China's state-owned Sinotrans & CSC Group attributed the company's struggles to the sluggish global tanker shipping market and high operating costs.