Bank of China applies to liquidate Sainty Marine

Bank of China applies to liquidate Sainty Marine

Sainty Marine has announced that one of its creditors, a Nantong branch of Bank of China, has applied with Nanjing Intermediate People’s Bank to liquidate the shipyard.

The application also caught the attention of Shenzhen Stock Exchange, which has requested Sainty Marine to provide an update on the shipyard’s ongoing rescue plan before January 7.

However, Sainty Marine said it has yet to received the court ruling regarding the liquidation.

Sainty Marine currently has overdue loans of RMB534m ($82.3m) in total, and 13 bank accounts of the company have been frozen due to debt issues.

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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