Greater China

Sainty Marine bags another major contract

Shanghai: Sainty Marine announced that it has signed shipbuilding contracts with Nantong Mingde Heavy Industry, Nantong Runde Ship Engineering and seven single-vessel shipping companies controlled by Celsius Shipping for the construction of seven stainless steel chemical tankers.

Under the contract, Sainty Marine, Nantong Mingde Heavy Industry and Nantong Runde Ship Engineering are the joint sellers of the vessels. Nantong Mingde and Nantong Runde will build the vessels and Sainty Marine will acquire the vessels upon completion and sell them to Celsius Shipping.

The total value of the contracts is $280m, with deliveries scheduled before 2017.

It is the fourth major shipbuilding contract that Sainty Marine received in the past two months, at a combined total value of RMB5.5bn. [24/04/14]

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