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MacGregor in jv with CSSC Nanjing Luzhou Machine Co

PostTime:2016-10-12 08:08:32 View:238

Equipment supplier MacGregor is forming a joint venture in China with China State Shipbuilding Corporation's (CSSC) Nanjing Luzhou Machine Co (LMC). The two companies have signed an agreement to form the joint venture CSSC Luzhou MacGregor Machine subject to regulatory approvals, which expected by year end. The joint venture will be owned 51% by LMC and 49% by MacGregor. Based in Nanjing the joint venture will initial focus on the transfer of Hatlapa air compressor technology and it will exclusive sales rights for the compressors in China. “The planned joint venture will enhance our strategic partnership with the largest Chinese state-owned shipbuilding group, CSSC," says Jane Chen, vice president, head of China, at MacGregor. "MacGregor and CSSC Luzhou have more than 20 years' experience working together and now both parties see it as beneficial to widen this partnership and build a deeper cooperation model for certain business areas.”

Nanjing Tanker posts 37% rise in Q3 profit

PostTime:2015-10-27 08:17:04 View:207

Nanjing Tanker Corporation (NJTC) has recorded a third quarter net profit of RMB207m ($32.6m), representing an increase of 37% compared to the same period of last year, riding on the rebound in the tanker shipping market. During the third quarter, NJTC managed to reap savings from bunker consumption and lower operating costs, contributing to the earnings, according to a website announcement by its parent Sinotrans & CSC Group. NJTC added that it continues to build on the profit generated over the first half of this year, and expects a profitable 2015. In the first nine months, NJTC registered a profit of RMB479m and a revenue of RMB4.02bn. The tanker shipowner was delisted from the Shanghai Stock Exchange in the middle of 2014 after it chalked up consecutive losses since 2011. The completion of a restructuring saw NJTC returned to profitability and it now aims to return to the Shanghai bourse in 2017.

Sainty Marine to pay compensation to Nanjing Yahao Ship Manufacturing

PostTime:2015-05-26 08:39:09 View:338

Chinese shipyard Sainty Marine has been ordered by a local court to pay Nanjing Yahao Ship Manufacturing approximately $202,800 over the construction of four barges, a sum that the shipbuilder has managed to lower after a successful appeal. Nanjing Yahao filed a lawsuit at Wuhan Maritime Court back in July 2013, seeking compensation of RMB7.37m ($1.19m), but the court ruled in July 2014 that Sainty Marine need only to repay RMB2.48m. However, Sainty Marine lodged an appeal to the Hubei Supreme Court, and the higher court has now ruled that Sainty Marine will instead pay $110,000 in shipbuilding cost and RMB575,300 as compensation to Nanjing Yahao, putting the total repayment at around $202,800. Shenzhen-listed Sainty Marine is mired in financial troubles as some of its assets and bank accounts are frozen. The yard is also hit by shipbuilding contract cancellations and buyer’s refusal to take delivery of badly finished vessels. The company also faces the risk of a failed debt-for-equity rescue deal over the restructuring of debt-ridden compatriot Nantong Mingde Heavy Industry. Sainty Marine had reported a loss of RMB327.59m in 2014 and it warned of a continued loss in 2015.

DNV GL opens central China office in Nanjing

PostTime:2015-01-23 08:21:48 View:497

DNV GL has opened a new office in Nanjing to support business growth in the area and be the centre for operations in central China, covering most of Jiangsu Province and upstream of the Yangtze to Chongqing and Sichuan, the company said. The office will be headed by area manager Chen Keng, “Central China is home to dozens of shipyards, many industry manufacturers and is therefore one of the most important areas for DNV GL to focus on in China. The launch of our expanded new office demonstrates our commitment”, said Torgeir Sterri, DNV GL vp and regional manager for Greater China. “More expertise and competence in all ship types and offshore units as well as a strong focus on research, technology and innovation enables DNV GL to support the transformation and development of central China’s maritime industry more effectively. Together with our customers, we will contribute to a safer, smarter and greener future”, he added. The expanded office accommodates all staff from both legacy DNV and legacy GL. “Our customers now have easier access to our services. This puts us in a much better position to support them, strengthen our existing cooperations and generate more business in the area," said Chen.

Nanjing Tanker eyes return to profit and listing

PostTime:2015-01-08 08:17:25 View:347

Debt-ridden and delisted Nanjing Tanker Corporation (NJTC) is aiming to return to profit in 2015 and 2016 as it embarked on a restructuring, the company announced. Having been delisted in the middle of last year, NJTC is also aiming to return to the Shanghai bourse in 2017. In a restructuring progress update, the oil tanker arm of state-owned Sinotrans & CSC Group said it has reshuffled its business units, remodelled its organisation, reduced headcount, and changed its management system. NJTC had chalked up four years of consecutive losses since 2011. The company had largely blamed its poor fortunes on the prolonged sluggishness of the global oil tanker shipping market.

China Development Bank freezes Nanjing Tanker assets

PostTime:2014-05-30 08:22:16 View:376

China Development Bank (CDB) has won a court approval to freeze RMB510.9m ($81.62m) worth of bank deposits of Nanjing Tanker Corporation (NJTC). CDB, a major creditor bank of NJTC, has applied with Beijing Railway Transportation Intermediate Court to freeze the bank deposits. NJTC revealed that it has owed CDB a sum of $83.97m and it was unable to repay the loans due to the company’s losses and lack of cash flow. The tanker shipping arm of Sinotrans & CSC Group will delist from the Shanghai Stock Exchange on 4 June after it racked up four consecutive years of net losses. In the first quarter of 2014, NJTC continued to register a loss of RMB255.51m.

Yangtze deepwater navigation channel rushed to completion in Nanjing

PostTime:2014-04-21 08:25:54 View:1623

PHASE I of the Yangtze River 12.5-metre deepwater channel at Nanjing is expected to be done by July when dredging between Taicang to Nantong is complete, reports Xinhua. The 12.5-metre deep channel project is an important infrastructure in Yangtze River to promote the region's water transport, logistics and social and economic development. Construction of the deepwater channel was carried out in three phases with the first phase started in 2012. Investment in the project has reached CNY3 billion (US$48.3 million) as of now. The phase 2 of the navigation channel has recently passed assessment by the state-owned CIECC Engineering Company Limited. The 227-kilometre phase II starts from Xinshengyu port area in Nanjing to Tiansheng port area in Nantong, involving a total investment of about CNY7.98 billion (US$1.28 billion).  

Nanjing Dongze books 37K BCs

PostTime:2014-03-25 08:44:46 View:616

China’s privately-owned Nanjing Dongze Shipyard was recently awarded a new order to build three 37,300 dwt bulkers from German shipowner Nordic Hamburg.     According to overseas press, all the newbuildings are slated for delivery by the mid-2015.     Late last year, the Chinese yard won a newbuilding order for two 37,300 dwt bulkers from the same owner and it was placed one more unit additionally this year.     Nanjing Dongze is a shipyard constructing small and medium Handysize bulkers in the range of 31,800 dwt, 32,500 dwt and so on.

Nanjing Tanker books provisions of $756m for 19 VLCCs

PostTime:2014-02-26 08:16:02 View:398

Financially-weakened Nanjing Tanker Corporation (NJTC) has booked provisions in financial year 2013 amounting to RMB4.62bn ($755.96m) for 19 VLCCs due to the weak oil tanker shipping market. The Shanghai-listed tanker shipowner said it will have liabilities of RMB2.1bn for 10 chartered-in VLCCs and impairment of assets of RMB2.52bn for nine owned VLCCs. On the chartered crude tankers, NJTC said it has agreed with the owners to continue the 10-12 years charter, even though spot rates are currently way below the rates that NJTC had agreed to pay. “Due to consecutive losses, we have met the accounting criteria to record provisions for losses (for the 10 VLCCs),” NJTC, subsidiary of China's state-owned Sinotrans & CSC Holdings, said in a regulatory filing. NJTC also announced that the asset values of the nine owned VLCCs have fallen since 2012 and chances of seeing the values recover are slim. “Since 2009, the global tanker shipping market, particularly crude tankers, has been sluggish and freight rates have stayed below the industry's average breakeven level. The asset values of large crude tankers have also plunged sharply since 2012,” it said. NJTC had earlier predicted an annual loss of RMB1.27bn in 2013, widening from a deficit of RMB1.24bn in 2012. It has recorded a loss of RMB989m in the first three quarters of last year. NJTC will delist from the Shanghai Stock Exchange after it releases its 2013 annual report in April, after four years of consecutive losses. Its shares have been suspended from trading since May 2013.

Nanjing Tanker confirms delisting from Shanghai

PostTime:2014-01-13 08:25:11 View:403

Financially-troubled Nanjing Tanker Corporation (NJTC) has confirmed that it will delist from the Shanghai Stock Exchange this year following four years of consecutive losses since 2010. “Due to the sluggish global tanker shipping market and high operating costs, NJTC expects to record significant net losses in the financial year 2013. In accordance to the regulations of the Shanghai Stock Exchange, NJTC will cease to be listed after the release of its 2013 annual report,” the company said. NJTC posted a loss of RMB984.71m ($161.6m) in the third quarter ended 30 September 2013. Shares of the tanker shipping firm, a subsidiary of China's state-owned Sinotrans & CSC Group, have stopped trading since May 2013. Last week, NJTC announced that it plans to acquire 10 VLCCs and 10 MR tankers that are currently on 10-12 years of time charter contracts. It explained that the expenses on chartering the vessels have been very high in recent years and continuing the charters would be unfavourable towards the company's plan to restructure its fleet.

Nanjing Tanker to buy 10 VLCCs and 10 MR tankers

PostTime:2014-01-02 08:48:02 View:398

Nanjing Tanker Corporation (NJTC) is planning to acquire 10 VLCCs and 10 MR tankers that are currently on 10-12 years of time charter contracts. NJTC, the tanker arm of Sinotrans & CSC, explained that the expenses on chartering the vessels have been very high in recent years due to the sluggish tanker shipping market. It added that continuing the charters would be unfavourable towards the company's plan to restructure its fleet. The board of Shanghai-listed NJTC has authorised its subsidiary Nanjing Tanker (Singapore) to spend $467.9m to purchase the vessels from 18 shipowners. The loss-making NJTC is facing a delisting from the Shanghai Stock Exchange as it remained in the red in the first three quarters of this year. Shares of NJTC were suspended in April this year after it announced its third consecutive annual deficit.

Nanjing Tanker stays in the red

PostTime:2013-12-03 08:29:29 View:367

Nanjing Tanker Corporation (NJTC) continued to stay in the red in the third quarter, putting the company at a higher risk of a delisting from the Shanghai Stock Exchange. The tanker shipping arm of China's state-owned Sinotrans & CSC posted a net loss of RMB984.71m ($161.6m) in the quarter ended 30 September 2013, compared to a loss of RMB940.61m in the same period of last year. Revenue, however, rose 20.2% year-on-year to RMB5.47bn. NJTC said in a regulatory filing to the stock exchange that it is expecting to post a full year loss in 2013. The company had already recorded full year losses since 2010. Shares of NJTC were suspended in April this year after it announced its third consecutive annual deficit. NJTC attributed the company's dire situation to prolonged depressed freight rates in the tanker shipping market and high operating costs.