First round of Sainty Marine auction fails

First round of Sainty Marine auction fails

The first auction of the entire assets of bankrupt shipyard Sainty Marine has failed due to there being no bidders.

Nanjing Intemediate People’s Court held the auction through online platform Taobao.com. The starting price was RMB2.15bn ($332m). The assets on the auction list include twelve vessels valued at RMB250m ($38.57m).

The second auction is scheduled on April 25 and the price will be lowered by 20% to RMB1.72bn ($265m).

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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