Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Sainty Marine warns of delisting on continuing losses

Article-Sainty Marine warns of delisting on continuing losses

Sainty Marine warns of delisting on continuing losses
Chinese shipbuilder Sainty Marine has warned that it faces a delisting from Shenzhen Stock Exchange, after an anticipated two years of consecutive net losses.

Sainty Marine has projected continued loss for 2015 though it did not give a figure guidance. In 2014, the Chinese shipyard posted a loss of RMB327.59m ($49.76m) as against a profit of RMB123.55m in 2013.

Shares trading for Sainty Marine has been suspended since August 2015 as the company struggled with financial problems and mismanagement.

Earlier this week, a creditor, Bank of China’s Nantong branch, has applied to a local court to liquidate Sainty Marine, and the decision is still pending by the court.

The financially-shaken Sainty Marine is facing a hosts of problems including cancellation of shipbuilding contracts by buyers, frozen bank accounts, resignation of key executives, and unpaid debts.

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.