Nanjing makes impairment provisions

Feb 28 2014

Nanjing Tanker, the Shanghai-listed subsidiary of state conglomerate Sinotrans & CSC Holdings, last year made provisions totalling Yuan4.6 bill ($757 mill) for 19 VLCCs, due to weak spot rates.

According to regulatory filings, Nanjing Tanker made provisions for impairment losses of Yuan2.5 bill for nine owned VLCCs and estimated liabilities of Yuan2.1 bill for 10 chartered in VLCCs.

“Our own VLCCs clearly showed impairment as of end-2013 and their values are not expected to see significant recoveries in the future,” one of the filings said, according to reports from China.

Nanjing Tanker’s board has also approved the scrapping of a 1992-built, 5,991 dwt tanker and two MR product carriers built in 1999. It also approved a proposal to sell a 1994-built, 19,642 dwt tanker, the report said.

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