Nanjing Tanker receiver to raise $7.1m via share disposal

Nanjing Tanker receiver to raise $7.1m via share disposal

Shanghai: State run logistics giant Sinotrans & CSC Group has announced that the receiver of its delisted oil shipping arm, Nanjing Tanker, plans to raise at least RMB44.2m ($7.1m) via the disposal of the remaining 19.2m shares in the company, following the transfer of 2.69bn shares to creditors.

The receiver plans to sell the shares through a public auction at RMB2.3 per share on May 18.

Nanjing Tanker was delisted from Shanghai Stock Exchange in June 2014 and listed on National Equities Exchange and Quotations (NEEQ) in August 2014.

The company reported a net profit of RMB121m ($19.5m) for the first quarter of 2015 following the completion of a restructuring in 2014. It has repaid loans of RMB2.4bn ($386m) in total via the sale of 19 VLCCs.

Nanjing Tanker aims to relist its shares on the stock exchange in 2017.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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