18 Aug 2010 13:57

Nanjing Tanker Corp's H1 net profits surge 590 pct

Shanghai. August 18. INTERFAX-CHINA - Shanghai Stock Exchange-listed Nanjing Tanker Corporation, an energy company specializing in shipping oil and chemical products, saw its net profits skyrocket by 590 percent year-on-year to RMB 116 million ($17.13 million) in the first half of 2010, according to the company's H1 earnings reported released on August 18.

Over this period, the company's business revenue increased 140.52 percent year-on-year to 2.153 billion ($318.02 million) after it shipped 23.53 million tons of energy and chemical products.

Nanjing Tanker, which also ships liquefied natural gas (LNG), attributed the sharp earnings growth primarily to the recovery of the crude oil shipping market.

The Time Charter Equivalent (TCE), an industry measure of a vessel's daily revenue, for the company's very large crude carrier (VLCC) stood at $47,500 dollar per day for the January-June period, up 66.5 percent year-on-year, according to the earnings report.

The company said that it put a new VLCC into operation in the first half of the year and that it plans to put another three into operation by the end of this year.

Nanjing Tanker said that it hopes China's strong demand for imported crude oil will help support its earnings in the year's second half in the face of a possible double-dip global economic recession.