Nanjing Tanker, the tanker unit of Sinotrans & CSC, is considering diversifying its business into the LNG shipping market, the company’s senior executive said in an investor meeting.
According to Zhou Bin, general manager of Nanjing Tanker, the company will keep focusing on medium and smaller size tankers while looking for opportunities to diversify its business into the emerging LNG market.
“China is increasing its import of LNG, which will bring new business opportunities for the development of the company,” Zhou said.
China, the world’s second largest buyer of LNG, just announced plans to increase its LNG imports four times over the next two decades.
Nanjing Tanker currently operates a fleet of 43 vessels made up of 38 tankers and five LPG carriers.
Nanjing Tanker relisted its shares on Shanghai Stock Exchange last week, and saw its stock slump to daily decline limits for five trading days in a row since the first day of trading.