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.
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