Nanjing Tanker to relaunch on Shanghai Stock Exchange

Nanjing Tanker to relaunch on Shanghai Stock Exchange

Nanjing Tanker, the oil shipping arm of Sinotrans & CSC, has applied with Shanghai Stock Exchange to relanuch its shares after gaining approval from China Securities Regulatory Commission to resume stock trading.

Nanjing Tanker was delisted from Shanghai Stock Exchange in 2014 following three consecutive years of losses and became the first state-run company in China to be delisted.

The company completed a restructuring in 2015 and transferred all its VLCC assets to China VLCC, a joint venture between its parent Sinotrans & CSC and China Merchants Energy Shipping. Later in 2015, Sinotrans & CSC merged with China Merchants Group and became a subsidiary of the latter.

Following the completion of the restructuring, Nanjing Tanker has made profits in three consecutive years, reporting a net profit of RMB427m ($66.6m) for the year of 2017.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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