Nanjing Tanker charters tanker from sister company

Shanghai: Nanjing Tanker, the delisted oil shipping subsidiary of Sinotrans & CSC, announced that it has chartered an oil tanker “Yangtze Friendship” from Grand Sea Shipping, a single vessel subsidiary of Sinotrans Shipping, for 75 days.

The vessel will be used to transport crude oil from West Africa to Far East.

Nanjing Tanker’s restructuring plan was approved by the courts last month during the second creditors’ meeting. The company plans to start trading on the National Equities Exchange and Quotations from early next year and repay all of its debts by 2024, by a combination of paying cash and issuing new shares to creditors. [03/12/14]
 

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