After reporting a 1.2 billion yuan ($193 million) loss in 2012, the company may become the first State-owned company to be delisted from the Shanghai Stock Exchange if it cannot make a profit in 2013, sources said.

Nanjing Tanker Corp is not the only shipping giant hit by the global downturn, as the nation’s four major listed State-owned shipping companies posted an aggregated loss of 12.28 billion yuan.

The China Shipowners’ Association submitted a proposal to the government for a bailout and are awaiting a response, said Zhang Shouguo, vice-chairman of the CSA.