Sainty Marine borrowing $47.1m as part of rescue plan

Sainty Marine borrowing $47.1m as part of rescue plan

Financially troubled shipyard Sainty Marine has announced that it plans to take up a one-year loan of RMB300m ($47.1m) from Bank of Nanjing, pledging four vessels for collateral.

Sainty Marine is currently working on a rescue plan for the yard. It has recently suffered a series of troubles including court cases, false financial data found by China Securities Regulatory Commission and vessel cancellations.

Yesterday Thai owner Precious Shipping cancelled another pair of ultramax dry bulkers at the yard to add to two cancelled in February. Precious is seeking $11.16m per vessel plus interest, a refund on advance payments paid to Sainty Marine.

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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