China's second-largest tank carrier Nanjing Tankers, which suffered a negative result on the bottom line for the third year running, and which looks very likely to be de-listed from the Shanghai Stock Exchange, has performed a unusual move in its attempts to restructure the company.
According to Sinoship, the Board of Directors of the company, a subsidiary of Sinotrans & CSC Group, has approved Nanjing Tankers' purchase of 20 tankers - 10 VLCC's and 10 MR product tankers - from the 18 companies where the carrier is currently chartering the vessels. The purchase comes to a total of USD 467.9 million.
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