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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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