Nanjing Tanker raises delisting alarm

2013-02-01

Nanjing Tanker Corporation (NJTC) has raised the alarm on a possible delisting from Shanghai Stock Exchange as it projected a deepening net loss in the financial year ended 31 December 2012.

NJTC, a subsidiary of China Changjiang National Shipping (Group) Co, did not give a figure for the expected loss.

In 2011, the Shanghai-listed tanker shipowner also recorded a full year net loss of RMB754.17m ($121.14m).

The company will record three consecutive years of net losses if the financial results estimate for 2012 is true. The company's stock will be temporarily stopped from trading on the day that the 2012 full year results are released, and the exchange will decide within 15 days if NJTC will remain listed.

NJTC said its results last year were impacted by losses from its VLCC and MR segments, made worse by high fuel bills and interests from lingering loans.

-- Source from Seatrade-Asia

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