More of Sainty Marine’s assets frozen

More of Sainty Marine’s assets frozen

Shanghai: Financially troubled Sainty Marine has announced that the shipyard’s total overdue bank loans has now reached RMB421.7m ($67.9m), up from the earlier reported RMB357.3m ($57.6m).

Additionally, Jiangsu Yizheng People’s Court ruled to freeze RMB50m ($8.06m) worth of Sainty Marine’s assets at the request of Jiangsu Yizheng Rural Commercial Bank over a loan dispute. Even some of the vessels under construction at the yard have been frozen by the creditor banks.

Sainty Marine said the company has been actively working on solutions with the banks to solve the loan 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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