Nanjing Tanker stays in the red

The tanker shipping arm of China's state-owned Sinotrans & CSC posted a net loss of RMB984.71m ($161.6m) in the quarter ended 30 September 2013, compared to a loss of RMB940.61m in the same period of last year.

Revenue, however, rose 20.2% year-on-year to RMB5.47bn.

NJTC said in a regulatory filing to the stock exchange that it is expecting to post a full year loss in 2013. The company had already recorded full year losses since 2010.

Shares of NJTC were suspended in April this year after it announced its third consecutive annual deficit.

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