Nanjing Tanker sails closer to delisting

Nanjing Tanker Corp, a major subsidiary of State-owned Sinotrans and CSC, predicted it would post annual losses for 2013, bringing it a step closer to a delisting from the Shanghai Stock Exchange.

The tanker operator lost 984 million yuan ($163 million) between January and September, according to the company's third quarter financial statement.

Nanjing Tanker said it is unlikely to turn a profit in 2013 and it has been suspended from stock trading after enduring losses for three consecutive years.

As a shipping company specializing in crude oil and special goods transportation, its fixed shipping fees are not as cheap as prices offered by privately owned companies, a key factor in its long-term revenue losses.

The company will be delisted if it reports a loss again this year, according to exchange regula-tions.