Sainty Marine wins court case

Sainty Marine wins court case

Shanghai: Sainty Marine has announced that its subsidiary Sainty Marine Development has won a court case in a debt dispute with a Nanjing trading company, Fu Mai Dong Sheng Group.

Jiangsu Senior People’s Court has ruled Fu Mai Dong Sheng Group to repay RMB65.77m ($10.58m) debt and relevant interest and compensation to Sainty Marine.

The yard also won a court case in April in an RMB2.22m ($355,000) debt dispute.

Sainty Marine has diversified into financing business for the past two years in efforts to diversify. However, the financing business has also made the yard face huge financial risks. Sainty Marine announced in January this year that it was facing the risk of being unable to collect RMB182m ($29.3m) from debtor companies.

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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