At yesterday’s 2012 results presentation, Sinotrans announced an annual net profit of RMB649m, a 1.01% growth year-on-year.
“Overcapacity remains a main problem that affects the company’s growth, so the company will keep controlling capacity growth and narrow the losses through fleet consolidation this year. We have no plans to order large bulkers this year, however, the company might consider to order panamax or handymax bulk carriers,” said Zhao Huxiang, president of Sinotrans.
Speaking of Nanjing Tanker, a subsidiary of Sinotrans&CSC Group, which is on the verge of delisting, Zhao said the group has no intention of repurchasing its shares, but the group is in negotiations with China Securities Regulatory Commission and trying to help Nanjing Tanker avoid delisting.