On the evening of July 7th, China Merchants Nanjing Tanker Corporation (NJTC) released a preliminary earnings forecast for the first half of 2025, projecting a year-on-year net profit decline of over 50%.
According to the announcement, preliminary calculations by the company’s finance department estimate NJTC’s H1 2025 net profit attributable to shareholders at 550 to 590 million yuan, representing a decrease of 630 to 670 million yuan compared to the same period last year—a year-on-year decline of 51.66% to 54.93%.
The company’s adjusted net profit (excluding non-recurring gains/losses) is projected at 546 to 586 million yuan, down 440 to 480 million yuan year-on-year, marking a 42.99% to 46.88% decrease.
NJTC attributed the profit decline to two main factors:
1. **Freight rate corrections in international refined oil shipping markets** due to multiple external pressures. For instance, the average TCE (Time Charter Equivalent) for the MRTC7 route (Singapore-East Coast Australia) dropped 49.36% year-on-year from $37,717/day in H1 2024 to $19,101/day in H1 2025.
2. **Lower gains from asset disposals**. While the company sold three aging MR-type product tankers last year, only one aging chemical tanker was disposed of this period, reducing asset disposal income by 210 million yuan year-on-year.
Background:
Established in 1993 and listed on the A-share market in 1997, NJTC—headquartered in Nanjing—is a specialized tanker operator under China Merchants Group and a key player in river-sea intermodal transport for Changjiang Shipping Group. Positioning itself as a global leader in small-to-midsize liquid cargo shipping, NJTC pursues a “specialized, differentiated, and leading” strategy, focusing on crude oil, refined products, chemicals, and gas transportation while expanding into crew services. Its integrated operations span “oil-chemical-gas synergy, domestic-foreign trade coexistence, and river-sea-direct services.”
Currently, NJTC operates 74 vessels with a total deadweight tonnage of 2.81 million and annual transport capacity exceeding 44 million tons. It ranks first in Far East refined product exports, second in domestic crude oil shipping, among China’s top chemical carriers, and leads domestically in ethylene transport volume.
