Search results for: Sainty Marine

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  • 9 July 2015
    Business & Finance

    The receiver of bankrupt Nantong Mingde Heavy Industry believes that financial troubles engulfing Shenzhen-listed shipbuilder Sainty Marine are too grave to include the company in Migde’s restructuring plan, stripping it from the qualification to take over the yard as initially planned. The decision was based on the fact that the potential inclusion of Sainty Marine in the restructuring […]

  • 30 June 2015
    Business & Finance

    Troubled Chinese shipbuilder Jiangsu Sainty Marine Corporation has agreed with Singapore-based SE Shipping Lines Pte. Ltd. to appoint an arbitrator over a shipbuilding contract dispute. Sainty Marine was hired in December 2013 by SE Shipping to build a multi-purpose 31,200 dwt vessel, which was to be bareboat chartered to Shungao Shipping, a wholly-owned subsidiary of […]

  • 8 July 2015
    Business & Finance

    Nantong Mingde Heavy Industry, a subsidiary of the financially troubled shipbuilder Jiangsu Sainty Marine Corporation, has missed the June 26 deadline to submit its restructuring plan to the Nantong People’s court. The court accepted Nantong’s application for the bankruptcy reorganization on December 26, 2014. China’s bankruptcy law stipulates that administrators or debtors must submit a draft reorganization plan within […]

  • 24 July 2015
    Business & Finance

    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 […]

  • 8 July 2015
    Business & Finance

    Nantong Mingde Heavy Industry, a subsidiary of the financially troubled shipbuilder Jiangsu Sainty Marine Corporation, has missed the June 26 deadline to submit its restructuring plan to the Nantong People’s court. The court accepted Nantong’s application for the bankruptcy reorganization on December 26, 2014. China’s bankruptcy law stipulates that administrators or debtors must submit a draft reorganization plan within […]

  • 30 June 2015
    Business & Finance

    Troubled Chinese shipbuilder Jiangsu Sainty Marine Corporation has agreed with Singapore-based SE Shipping Lines Pte. Ltd. to appoint an arbitrator over a shipbuilding contract dispute. Sainty Marine was hired in December 2013 by SE Shipping to build a multi-purpose 31,200 dwt vessel, which was to be bareboat chartered to Shungao Shipping, a wholly-owned subsidiary of […]

  • 1 December 2015
    Business & Finance

    Chinese shipping company Nanjing Hua Hong Shipping has launched legal proceedings against its compatriot shipbuilder Jiangsu Sainty Marine. The shipping company claims that it has not received payment rleated to a ship-purchase contract dating back to 2014. Namely, in April, 2014, the two parties signed a deal on the purchase of three ships, Hua Hai […]

  • 3 August 2015
    Business & Finance

    Tongzhou District People’s Court in Nantong officially declared Nantong Mingde Heavy Industry bankrupt on July 31, ending all hopes of restructuring at this financially troubled shipbuilding subsidiary of Jiangsu Sainty Marine Corporation. The court said that Mingde’s request to extend the period for submission of the restructuring plan was denied, after the shipbuilder missed the […]

  • 9 July 2015
    Business & Finance

    The receiver of bankrupt Nantong Mingde Heavy Industry believes that financial troubles engulfing Shenzhen-listed shipbuilder Sainty Marine are too grave to include the company in Migde’s restructuring plan, stripping it from the qualification to take over the yard as initially planned. The decision was based on the fact that the potential inclusion of Sainty Marine in the restructuring […]

  • 18 February 2016
    Business & Finance

    Shenzhen-listed shipbuilder Jiangsu Sainty Marine Corp revealed that its restructuring has been approved by the Nanjing Intermediate People’s Court. The shipbuilder now has until April 17 to compose a restructuring plan. Jiangsu Sainty Marine added that it is contemplating to continue the shipyard’s business during the restructuring process. If the company fails to accomplish its […]

  • 18 April 2016
    Business & Finance

    Shenzhen-listed shipbuilder Jiangsu Sainty Marine’s first round of auction for the sale of its assets did not attract any buyers after a 24-hour auction period ended yesterday morning. The assets of the financially-troubled shipbuilder are scheduled to be put up for a second auction on April 25 on China’s online auction website Taobao. The starting bid price will […]

  • 2 December 2011
    Business & Finance

    Two 82.000 DWT Bulk Carrier Vessels built by Sainty Shipbuilding (Yangzhou)in their newly completed dock were successfully launched on 25th November 2011. The vessels built for Singapore client have Loa 229 m, breadth 32.26 m, depth 20.05 m, maximum draught 12.20m and service speed at 14.10knots, they meet the requirement of PSPC, and are designed […]

  • 28 August 2015
    Business & Finance

    Shenzhen-listed shipbuilder Jiangsu Sainty Marine Corp informed that it has filed for arbitration at London Maritime Arbitration Association over cancellation of a shipbuilding contract. The order relates to construction of three chemical tankers that have been cancelled by an undisclosed owner on August 7 who also sought to return the pre-payment and relevant interest from China Exim […]

  • 28 August 2015
    Business & Finance

    Shenzhen-listed shipbuilder Jiangsu Sainty Marine Corp informed that it has filed for arbitration at London Maritime Arbitration Association over cancellation of a shipbuilding contract. The order relates to construction of three chemical tankers that have been cancelled by an undisclosed owner on August 7 who also sought to return the pre-payment and relevant interest from China Exim […]

  • 11 May 2015
    Business & Finance

    Two banks have frozen Sainty Marine’s assets, the Chinese shipbuilder said in a filing with Shenzhen stock exchange.   Namely, the Bank of China has frozen its account with balances of RMB 1.06 million (USD 170,800) whereas Export-Import Bank of China (Exim Bank) has frozen a dual-currency account with balances of RMB 22.99 million and USD 2,491.78, the […]

  • 3 August 2015
    Business & Finance

    Tongzhou District People’s Court in Nantong officially declared Nantong Mingde Heavy Industry bankrupt on July 31, ending all hopes of restructuring at this financially troubled shipbuilding subsidiary of Jiangsu Sainty Marine Corporation. The court said that Mingde’s request to extend the period for submission of the restructuring plan was denied, after the shipbuilder missed the […]

  • 12 May 2015
    Business & Finance

    Struggling shipbuilder Jiangsu Sainty Marine Corp said that Precious Shipping has declined to take delivery of a 64,000 DWT bulker duo from the yard. Namely, Thailand’s dry bulk shipping company said that the bulkers did not meet the fuel consumption standards set by the company. Shenzhen-listed Sainty Marine disclosed in a stock exchange filing that Precious Shipping […]

  • 26 April 2016
    Business & Finance

    The second asset auction of Shenzhen-listed shipbuilder Jiangsu Sainty Marine has failed as the sale of the company’s assets did not attract any buyers. The 24-hour auction period, which started yesterday morning, was held on China’s online auction website Taobao. The starting bid price was set at CNY 1.72 billion (USD 265.4 million), 20 percent lower than the assessed value of […]

  • 24 July 2015
    Business & Finance

    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 […]

  • 2 December 2011

    Two 82.000 DWT Bulk Carrier Vessels built by Sainty Shipbuilding (Yangzhou)in their newly completed dock were successfully launched on 25th November 2011. The vessels built for Singapore client have Loa 229 m, breadth 32.26 m, depth 20.05 m, maximum draught 12.20m and service speed at 14.10knots, they meet the requirement of PSPC, and are designed […]

  • 31 March 2014
    Business & Finance

    Dutch shipper Universal Marine has placed an order, its biggest yet, for four 2,350 TEU containerships to be built at Sainty Marine Corp. Ltd. The construction of the vessels will begin in 2015, with deliveries scheduled to start from 2016. The total value of the contract is estimated at $166 million. During March, Sainty Marine has […]

  • 10 June 2015
    Business & Finance

    Chinese shipbuilder Jiangsu Sainty Marine Corp has been faced with another contract cancellation. The troubled shipbuilder announced in a filing to Shenzen Stock Exchange that an undisclosed client has canceled a lake fighter under construction at Nantong Mingde Heavy Industries. The cancellation is attributed to the builder’s inability to deliver the ship on time, i.e., by March […]