Shenzhen-listed shipbuilder Jiangsu Sainty Marine Corp has put four 64,000 tons bulk carriers already constructed by the yard up for sale as the yard seeks fresh funds to ease its financial woes.
The troubled shipbuilding company and Ningbo Group had signed a contract to sell the quartet to Corbita Maritime Investment in April 2014, however; the contract was cancelled in November 2014 following the buyer’s failure to meet contractual obligations relating to payment.
Sainty Marine has been looking for a buyer for the ships ever since. Nevertheless, the downturn of the bulk shipping market further hampered the shipyard’s efforts to retrieve the invested money as the prices of ships continued to fall.
The company said it could not yet determine how the sale would affect its business results.
The announcement comes following Sainty Marine’s exclusion from Nantong Mingde Heavy Industry’s restructuring plan, as the company has been stripped from the qualification to take over the yard as initially planned.
World Maritime News Staff