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.
