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Nanjing Tanker feels tide of recession

By Wang Ying in Shanghai | chinadaily.com.cn | Updated: 2013-05-01 15:54

Trading in Nanjing Tanker Corp shares has been suspended since April.

After reporting a 1.2 billion yuan ($193 million) loss in 2012, the company may become the first State-owned company to be delisted from the Shanghai Stock Exchange if it cannot make a profit in 2013, sources said.

Nanjing Tanker Corp is not the only shipping giant hit by the global downturn, as the nation’s four major listed State-owned shipping companies posted an aggregated loss of 12.28 billion yuan.

The China Shipowners’ Association submitted a proposal to the government for a bailout and are awaiting a response, said Zhang Shouguo, vice-chairman of the CSA.

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