Another court loss for Sainty Marine

Another court loss for Sainty Marine

Shanghai: Financially troubled shipbuilding group Sainty Marine has announced that it has received a ruling from Hubei Supreme People’s Court, under which the court has ruled the company to pay $202,795 in total to Nanjing Yahao Ship Manufacturing over a shipbuilding dispute.

Nanjing Yahao filed a lawsuit against Sainty Marine at Wuhan Maritime Court in 2013, asking the shipyard to pay RMB7.37m ($1.18m) in payment and compensation for four deck barges it built for Sainty Marine. The court ruled Sainty Marine to pay RMB2.48m ($400,024) to Nanjing Yahao. However, Sainty Marine appealed the ruling to Hubei Supreme Court, which has now ruled it to pay $110,000 shipbuilding payment and RMB575,300 ($92,795) compensation to Nanjing Yahao.

Currently Sainty Marine is involved in a series of court cases with creditors. The shipyard said earlier that it might suffer up to RMB2.94bn ($473m) in losses if the restructuring of subsidiary Mingde Heavy Industry fails.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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