Second Sainty Marine auction fails

Second Sainty Marine auction fails

The second auction for the entire assets of bankrupt Chinese shipbuilder Sainty Marine has failed today due to there being no bidders.

The starting price of the second auction was lowered by 20% to RMB1.72bn ($265m).

The third auction is scheduled for May 3.

According to the receiver of Sainty Marine, the creditors of the shipyard will hold a meeting soon to discuss the breakup and disposal of the shipyard’s assets if the third auction fails.

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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