Sainty Marine’s First Asset Auction Sparks No Interest

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 be at CNY 1.72 billion (USD 265.4 million), 20 percent lower than the assessed value of the assets, according to data from Taobao.

Jiangsu Sainty Marine assets for sale include twelve vessels worth CNY 250 million, as well as yard facilities, properties, cars, equipment, and debts.

In February, the Nanjing Intermediate People’s Court granted Jiangsu Sainty Marine Corp the approval for restructuring.

If the company fails to accomplish its restructuring efforts, it will be forced to go bankrupt, and might face delisting from the Shangai stock exchange, Jiangsu Sainty Marine earlier said.

At the time, the company said that it planned to continue the shipyard’s business during the restructuring process.

The company has been struggling to overcome its financial issues for some time now.

During 2015 the shipbuilder received cancellations of a number of newbuilding orders due to its inability to deliver the vessels on time.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Eastern Mediterranean Offshore Conference and Exhibition (EMC) 2020

EMC 2020 conference will arm delegates with technical and commercial knowledge to capitalise…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >