Shanghai: Financially troubled shipyard Sainty Marine has announced it will sell four already completed 64,000dwt bulkers to ease its debt pressures.
Sainty Marine and China Base Ningbo Group, as joint sellers of ships, signed a ship sale contract to sell the ships to Corbita Maritime Investment in April 2014, however, the contract was cancelled in November 2014 as the buyer didn’t make payment according to the contract terms.
Sainty Marine has been thrown out from the restructuring of Nantong Mingde Heavy Industry due to its own poor financial condition. It had earlier warned that it is facing the risk of not being able to fulfil some of the 32 newbuild contracts it has being built at Mingde Heavy Industry due to the ongoing restructuring of the yard, and it might face up to RMB2.94bn ($473m) in losses if the restructuring fails.
