Four boxships cancelled at Sainty Marine

Four boxships cancelled at Sainty Marine

Shanghai: Sainty Marine has announced that it has reached an agreement with Dutch ship investment firm, Universal Marine, for the cancellation of four 2,350teu containerships. The announcement comes just one day after it was revealed that Thailand’s Precious Shipping refused delivery of two dry bulk vessels due to quality issues.

Universal Marine ordered the vessels at Sainty Marine in March 2014, however, it has been unable to secure the financing to start the newbuilding project, which has led to the cancellation of the vessels. No compensation is involved in the agreement.

Additionally, Sainty Marine announced that it has received a ruling from Wuhan Maritime Court to freeze RMB390.79m worth of assets under the request of creditor Bank of Nanjing.

Financially troubled Sainty Marine currently has RMB357.3m ($57.5m) worth of loan payments in arrears. Nanjing Intermediate People’s Court also ruled to freeze RMB300m ($48.42m) worth of assets of three major shareholders of the company.

Sainty Marine said it is facing the risk of not being able to fulfil some of the 32 newbuild contracts it has being built at Mingde Heavy Industry due to the ongoing restructuring of the latter.

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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