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.