Financially troubled Sainty Marine has announced that a loan of RMB300m ($47.4m) offered by its parent Jiangsu Guoxin Investment Group, expires in August. The yard had been negotiating with the parent group to extend the loan, however, it was decided not to extend it making the loan overdue.
Sainty Marine said it now has total overdue loans amounting to RMB616.89m ($99.4m).
Meanwhile, Sainty Marine has announced that eleven 24,6000dwt chemical tankers and three 24,000dwt chemical tankers have been cancelled by a shipowner, believed to be Celsius Shipping, due to the bankruptcy of Mingde Heavy Industry.
Sainty Marine has suspended stock trading and is currently working on a plan to deal with its current crisis.