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Sainty Marine struggles with a deep loss of $816m in 2015

Sainty Marine struggles with a deep loss of $816m in 2015
China’s shipbuilder Sainty Marine, which is embarking on a restructuring, has posted a deep loss of RMB5.34bn ($816.19m) in 2015, chalking up two years of consecutive losses.

The deficit for 2015 has widened from the loss of RMB1.81bn in 2014.

The Shenzhen-listed company attributed the losses to the difficult operating conditions in the shipbuilding market, coupled with its internal problems ranging from lack of cashflow, contract cancellations, mounting debts and frozen bank accounts.

Sainty Marine has been sued by its major creditor Bank of China’s Nantong branch for a liquidation of its assets, and the shipyard has until 17 April to present a restructuring plan to the court.

Shares trading for Sainty Marine has been suspended since August 2015 and the company faces a delisting due to consecutive years of losses.