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Nanjing Tanker sinks deeper into the red in 2013
Loss making Nanjing Tanker Corporation (NJTC) has posted its fourth year of consecutive net loss and it will delist rom the Shanghai Stock Exchange.
The tanker shipping subsidiary of China's state-owned Sinotrans & CSC Group reported an annual deficit of RMB5.92bn ($950.96m) in 2013, widening the losses from RMB1.24bn in 2012.
Revenue rose 10.2% year-on-year to RMB7.31bn but it did little to help stabilise the financial position of the company.
NJTC blamed the weak global oil tanker shipping market for its troubles. The VLCC market, it pointed out, suffered a historically low freight market in the first three quarters of last year.
It also noted that the MR tanker market had experienced a gradual downturn across the whole of 2013.
Source: Seatrade Global
The tanker shipping subsidiary of China's state-owned Sinotrans & CSC Group reported an annual deficit of RMB5.92bn ($950.96m) in 2013, widening the losses from RMB1.24bn in 2012.
Revenue rose 10.2% year-on-year to RMB7.31bn but it did little to help stabilise the financial position of the company.
NJTC blamed the weak global oil tanker shipping market for its troubles. The VLCC market, it pointed out, suffered a historically low freight market in the first three quarters of last year.
It also noted that the MR tanker market had experienced a gradual downturn across the whole of 2013.
Source: Seatrade Global
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