Greater China

Sinotrans & CSC taps Sinopec to save Nanjing Tanker

Shanghai: Sinotrans & CSC, one of the largest logistics providers in China, is working on plans to save its financially-troubled subsidiary, Nanjing Tanker, which has been suffering from losses for three consecutive years.

Sinotrans & CSC is currently in talks with Sinopec, and hoping the petrochemical giant will save Nanjing Tanker through signing more orders or forming a joint venture ideally.

“The two companies still cannot reach a consensus on the takeover price,” a source said.

Sinotrans & CSC is now under a new round of internal restructuring. It is trying to sell more non-profitable assets including two of its shipyards and an office building of its subsidiary Wuhan Changjiang Shipping. [04/09/13]

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