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 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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