Order cancellation plunges Sainty Marine into the red

Shanghai: Sainty Marine announced that the company has cancelled four newbuildings with Corbita Maritime Investment as the shipowner cannot make payments.

Corbita Maritime Investment signed for the newbuildings with Sainty Marine in April 2014 to build four ultramaxes. Among the four newbuildings, two are completed and the other two are under construction at Sainty Marine’s Yangzhou shipyard.

The cancellation of the four vessels will greatly affect the company’s financial results of this year, the company predicts a possible loss of up to RMB37m for 2014 due to the order cancellation.

Sainty Marine achieved an RMB124m profit in 2013. [25/12/14]

 

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