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 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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