Nanjing Tanker returned to the black with a profit of CNY269.2 million (USD43.4 million) in the first six months of 2015 owing to a reduction in finance cost, lower bunker fuel cost, and pick-up in the oil shipping market.
Revenue fell 10% year on year (y/y) to CNY2.6 billion during the same period because of the disposal of its VLCC fleet in 2014, a stock filing of Nanjing Tanker said on 29 July. In early 2015, Nanjing Tanker set a target of bringing its full-year revenue to CNY3.5 billion for 2015.
In the first six months of 2014, Nanjing Tanker’s loss amounted to CNY699 million.
During the first six months of 2015, the company’s finance cost slumped 58% y/y to CNY160.1 million, as it completed its restructuring to shed loans by the end of 2014.
In addition, the company secured long-term contracts with refineries of Sinopec to ship 3.9 million tonne of crude oil a year.
As of the end of March 2015, the company operates 65 vessels with an aggregate capacity of 2.76 million dwt, comprising MR tankers, chemical tankers, LPG, and LEG carriers.
The company was delisted by the Shanghai Stock Exchange in June 2014 after posting four consecutive annual losses from 2010 to 2013.
This post was sourced from IHS Maritime 360: View the original article here.