Sainty Marine repays $3.69m overdue loan

Sainty Marine repays $3.69m overdue loan

Shanghai: Debt-ridden shipyard Sainty Marine has announced that it has paid back a RMB22.9m ($3.69m) overdue loan in total to Bank of Nanjing.

After the payback, Sainty Marine still has a total of RMB510m in overdue loans.

In the meantime, Sainty Marine said it has reached settlement with Zibo Daya Electromechanical Technology (ZDET) regarding a debt dispute after it paid back RMB324.9k debt to the latter. ZDET has now withdrawn the request to freeze the assets of Sainty Marine from the court.

Sainty Marine currently has dozens of ongoing court cases, and has suffered numerous cancellations as it struggles to survive the restructuring of Mingde Heavy Industry.

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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