China Development Bank (CDB) has won a court approval to freeze RMB510.9m ($81.62m) worth of bank deposits of Nanjing Tanker Corporation (NJTC).

CDB, a major creditor bank of NJTC, has applied with Beijing Railway Transportation Intermediate Court to freeze the bank deposits.

NJTC revealed that it has owed CDB a sum of $83.97m and it was unable to repay the loans due to the company’s losses and lack of cash flow.

The tanker shipping arm of Sinotrans & CSC Group will delist from the Shanghai Stock Exchange on 4 June after it racked up four consecutive years of net losses.

In the first quarter of 2014, NJTC continued to register a loss of RMB255.51m.