Sainty Marine sued by Nanjing Huahong Shipping

Sainty Marine sued by Nanjing Huahong Shipping

Sainty Marine has announced that Nanjing Huahong Shipping has filed a lawsuit against the company in Wuhan Maritime Court.

Sainty Marine purchased three bulkers Hua Hai 601, Hua Hai 602, Hua Hai 605 from Nanjing Huahong Shipping in 2014. The vessels were delivered to Sainty Marine after completion at Hubei Huahai Heavy Industry. The total contract value of the vessels was RMB105m ($16.4m).

Huahong Shipping sued Sainty Marine in order to get a payment of RMB34.25m ($5.35m) it has yet received, in accordance with the contract. In September, Sainty Marine pledged the three vessels to Bank of Nanjing to get RMB300m loan.

Currently 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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