Yangtze deepwater navigation channel rushed to completion in Nanjing

PostTime:2014-04-21 08:25:54 View:2579

PHASE I of the Yangtze River 12.5-metre deepwater channel at Nanjing is expected to be done by July when dredging between Taicang to Nantong is complete, reports Xinhua. The 12.5-metre deep channel project is an important infrastructure in Yangtze River to promote the region's water transport, logistics and social and economic development. Construction of the deepwater channel was carried out in three phases with the first phase started in 2012. Investment in the project has reached CNY3 billion (US$48.3 million) as of now. The phase 2 of the navigation channel has recently passed assessment by the state-owned CIECC Engineering Company Limited. The 227-kilometre phase II starts from Xinshengyu port area in Nanjing to Tiansheng port area in Nantong, involving a total investment of about CNY7.98 billion (US$1.28 billion).  

Nanjing Dongze books 37K BCs

PostTime:2014-03-25 08:44:46 View:1461

China’s privately-owned Nanjing Dongze Shipyard was recently awarded a new order to build three 37,300 dwt bulkers from German shipowner Nordic Hamburg.     According to overseas press, all the newbuildings are slated for delivery by the mid-2015.     Late last year, the Chinese yard won a newbuilding order for two 37,300 dwt bulkers from the same owner and it was placed one more unit additionally this year.     Nanjing Dongze is a shipyard constructing small and medium Handysize bulkers in the range of 31,800 dwt, 32,500 dwt and so on.

Nanjing Tanker books provisions of $756m for 19 VLCCs

PostTime:2014-02-26 08:16:02 View:1072

Financially-weakened Nanjing Tanker Corporation (NJTC) has booked provisions in financial year 2013 amounting to RMB4.62bn ($755.96m) for 19 VLCCs due to the weak oil tanker shipping market. The Shanghai-listed tanker shipowner said it will have liabilities of RMB2.1bn for 10 chartered-in VLCCs and impairment of assets of RMB2.52bn for nine owned VLCCs. On the chartered crude tankers, NJTC said it has agreed with the owners to continue the 10-12 years charter, even though spot rates are currently way below the rates that NJTC had agreed to pay. “Due to consecutive losses, we have met the accounting criteria to record provisions for losses (for the 10 VLCCs),” NJTC, subsidiary of China's state-owned Sinotrans & CSC Holdings, said in a regulatory filing. NJTC also announced that the asset values of the nine owned VLCCs have fallen since 2012 and chances of seeing the values recover are slim. “Since 2009, the global tanker shipping market, particularly crude tankers, has been sluggish and freight rates have stayed below the industry's average breakeven level. The asset values of large crude tankers have also plunged sharply since 2012,” it said. NJTC had earlier predicted an annual loss of RMB1.27bn in 2013, widening from a deficit of RMB1.24bn in 2012. It has recorded a loss of RMB989m in the first three quarters of last year. NJTC will delist from the Shanghai Stock Exchange after it releases its 2013 annual report in April, after four years of consecutive losses. Its shares have been suspended from trading since May 2013.

Nanjing Tanker confirms delisting from Shanghai

PostTime:2014-01-13 08:25:11 View:714

Financially-troubled Nanjing Tanker Corporation (NJTC) has confirmed that it will delist from the Shanghai Stock Exchange this year following four years of consecutive losses since 2010. “Due to the sluggish global tanker shipping market and high operating costs, NJTC expects to record significant net losses in the financial year 2013. In accordance to the regulations of the Shanghai Stock Exchange, NJTC will cease to be listed after the release of its 2013 annual report,” the company said. NJTC posted a loss of RMB984.71m ($161.6m) in the third quarter ended 30 September 2013. Shares of the tanker shipping firm, a subsidiary of China's state-owned Sinotrans & CSC Group, have stopped trading since May 2013. Last week, NJTC announced that it plans to acquire 10 VLCCs and 10 MR tankers that are currently on 10-12 years of time charter contracts. It explained that the expenses on chartering the vessels have been very high in recent years and continuing the charters would be unfavourable towards the company's plan to restructure its fleet.

Nanjing Tanker to buy 10 VLCCs and 10 MR tankers

PostTime:2014-01-02 08:48:02 View:639

Nanjing Tanker Corporation (NJTC) is planning to acquire 10 VLCCs and 10 MR tankers that are currently on 10-12 years of time charter contracts. NJTC, the tanker arm of Sinotrans & CSC, explained that the expenses on chartering the vessels have been very high in recent years due to the sluggish tanker shipping market. It added that continuing the charters would be unfavourable towards the company's plan to restructure its fleet. The board of Shanghai-listed NJTC has authorised its subsidiary Nanjing Tanker (Singapore) to spend $467.9m to purchase the vessels from 18 shipowners. The loss-making NJTC is facing a delisting from the Shanghai Stock Exchange as it remained in the red in the first three quarters of this year. Shares of NJTC were suspended in April this year after it announced its third consecutive annual deficit.

Nanjing Tanker stays in the red

PostTime:2013-12-03 08:29:29 View:611

Nanjing Tanker Corporation (NJTC) continued to stay in the red in the third quarter, putting the company at a higher risk of a delisting from the Shanghai Stock Exchange. 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.

Nanjing Tanker predicts fourth year of losses

PostTime:2013-09-25 08:23:02 View:525

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.

Nanjing Tanker to delist from Shanghai

PostTime:2013-05-10 08:32:54 View:687

Nanjing Tanker Corporation (NJTC) has confirmed it will delist from the Shanghai Stock Exchange on 14 May following three years of consecutive net losses. Shares of NJTC, a subsidiary of state-owned Sinotrans & CSC, had been suspended since 22 April. NJTC posted a 2012 full year net loss of RMB1.24bn ($200.58m), deepening from a loss of RMB754.17m in 2011. It had also recorded a loss of RMB18.59m in 2010. However, the company has indicated it plans to return to the Shanghai bourse once it has recomposed its operations and strengthen its balance sheets. Some of its cost cutting measures include slow steaming its VLCC and MR tankers, reducing bunker fuel bills, and streamlining its operations in general. At at the end of 2012, NJTC operated a fleet of 85 vessels with a total tonnage of 7.35m dwt. The company aims to generate a revenue of RMB7.56bn in 2013.

Nanjing Tanker faces delisting

PostTime:2013-04-23 08:22:55 View:753

Shanghai: Nanjing Tanker Corporation (NJTC) is facing a delisting from the Shanghai bourse after it confirmed a third consecutive year of net losses in 2012. NJTC, a subsidiary of state-owned Sinotrans & CSC, posted a full year loss of RMB1.24bn ($200.58m), deepening from a loss of RMB754.17m in 2011. The loss came despite a 30.3% year-on-year jump in revenue to RMB6.63bn. It had posted a loss of RMB18.59m in 2010. Shares of NJTC on Shanghai Stock Exchange has been suspended, pending a decision within 15 days on a delisting for a year. The tanker operator continued to suffer losses in the first quarter of this year, reporting a loss of RMB359.41m, widening its deficit of RMB273.35m in the same period of 2012. NJTC blamed the shipping market's overall vessel supply glut that has been suppressing freight rates and slashing operating profits. At at the end of 2012, NJTC operated a fleet of 85 vessels with a total tonnage of 7.35m dwt. The company aims to generate a revenue of RMB7.56bn in 2013.

Manzhouli, Nanjing Customs cut red tape for China-Euro rail shippers

PostTime:2013-04-15 09:03:05 View:594

CUSTOMS of Manzhouli, a the Chinese city on the Russian border, has signed an agreement with Nanjing Customs to simplify clearance to railway cargo from Suzhou to Europe. Yangtze River Delta shippers in the Suzhou area and surrounding region are now able to manifest their shipments once at the local customs station with re-manifesting at Russian border. Experts said the cooperation will improve efficiency of the Suzhou-Manzhouli-Europe railway cargo service, helping shippers to save both time and money. Suzhou-Manzhouli-Europe cargo railway service was launched in November 2012. The route starts off from eastern China city Suzhou, traverses Siberia and ends at Poland, covering a distance of over 11,000 kilometres. Travel time lasts about 18 days, nearly twice as fast as ocean shipping. The service has moved more than 2,000 batches of shipments on non-scheduled services since operation. Suzhou's exports to Europe valued US$37.6 billion in 2012. Germany, Netherlands, UK and Poland are the major markets of its exports.

Nanjing Tanker sells four chemical tankers for leaseback

PostTime:2013-03-05 08:23:10 View:607

Shanghai: Nanjing Tanker Corporation, through its subsidiary Nanjing Yangyang Chemical Transport, has entered into a sale and leaseback deal with CMB Financial Leasing regarding four chemical tankers. Under the agreement signed on Friday, Yangyang Chemical Transport will sell the four chemical tankers for a total of RMB200m ($32.13m) to the financial institution and lease the ships back over an eight-year period. The agreement also states that Yangyang Chemical Tansport is entitled to acquire the ships back at a “nominal price” after the shipping firm has made all payments in full at the end of the leasing contract. “Nanjing Tanker is making use of ship financing availability to support the company's long term cash flow for its day-to-day operations amid the present shipping and financial crisis. The financial deal will allow Nanjing Tanker to free up cash flow, reduce its debts, and enhance its ability to repay short term loans,” Nanjing Tanker said. The Shanghai-listed tanker company had raised the alarm on a possible delisting from the stock exchange as it projected deepening net loss in the financial year ended 31 December 2012. The company will record three consecutive years of net losses if 2012 turns out to be another year of deficit. In 2011, Nanjing Tanker posted a full year loss of RMB754.17m.

Nanjing Tanker losses widen to $47m

PostTime:2012-10-30 07:54:10 View:823

Shanghai: Nanjing Tanker Corporation (NJTC) stayed in the red in the third quarter ended 30 September 2012 amid the sluggish global oil tanker market.NJTC, the subsidiary of China Changjiang National Shipping (Group) Co, registered a net loss of RMB294.5m ($47.2m) in the third quarter, worse than the loss of RMB230.5m seen in the same period of 2011.Revenue during the quarter stood at RMB1.59bn compared to RMB1.29bn a year ago, the Shanghai-listed company announced on Saturday.NJTC added in the announcement that it expects a full-year net loss in the financial year ending 2012.