Sainty Marine hung out to dry by parent company

Sainty Marine hung out to dry by parent company

Financially troubled shipyard Sainty Marine has announced that an RMB300m loan it took from its parent Jiangsu Guoxin Investment Group has expired on December 2, while another RMB200m loan taken from the parent company already expired in August.

Sainty Marine said it had been negotiating with Jiangsu Guoxin and has requested to extend the RMB500m loan, however, Jiangsu Guoxin has decided not to extend the loans for the yard.

Sainty Marine is still working on a rescue plan for the shipyard, which is expected to be announced on February 6.

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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