Sinotrans Ltd News

Loss-making shipping company Nanjing Tanker Corp will be delisted from the Shanghai Stock Exchange after a five-day grace period, marking the first time for a company backed by the central government to be dropped from a domestic exchange. The delisting comes after the government allowed China's first-ever public bond default in March and underscores the difficulties facing domestic companies saddled with record debt in a slowing economy. The delisting had been widely anticipated after the company said in January it was poised to post its fourth straight year of loss, breaching exchange rules. A statement carried on the Shanghai exchange's official microblog on Friday said Nanjing Tanker will be delisted after booking losses from 2010 to 2013.

Sinotrans Ltd. of the People’s Republic of China, has agreed to join China Global Logistic Network, (CGLN).  As a flagship of integrated logistics in Sinotrans Group, Sinotrans Ltd. inherited its over fifty-years of experience in logistics and transportation, customer base and brand. Under the Ministry of Commerce with over 200 offices, and over 24,000 employees, they will become part of CGLN with the exclusive goal of working only with other CGLN members worldwide.

Sinotrans Ltd. and Rickmers-Linie GmbH & Cie. KG are going to strengthen their co-operation in the business field of worldwide transportation and logistics services of containers, break-bulk, project cargo and heavy lifts. The co-operation will include shipping agency business, domestic transportation and logistics services within the People’s Republic of China as well as container slot charter activities related to the Rickmers-Linie liner services network, with emphasis on all traffic into and from the People’s republic of China. For the port of Qingdao, an agency contract has been signed already and Sinotrans begun acting for and on behalf of Rickmers-Linie since 1 June 2003.