Parent reduces support for Sainty Marine

Parent reduces support for Sainty Marine

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.

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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