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 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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