Nanjing Tanker has announced its 2012 first half results last Friday. It suffered a loss of RMB646m, down more than 50% from an RMB311m loss in the same period of last year.
Nanjing Tanker also announced that it will provide guarantees for the financing business of two of its subsidiaries Nanjing Tanker (Singapore) and Nanjing Tanker (Hong Kong). The maximum authorized amount of the guarantee for the Singapore subsidiary and Hong Kong subsidiary is US$200m and US$38m respectively.
China’s largest tanker operator has been suffering from losses for two consecutive years; it may face a delisting risk in Shanghai if it can’t make any improvement this year. [13/08/12]