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Troubled Sainty Marine seeks buyer for four new 64,000 dwt bulkers

Troubled Sainty Marine seeks buyer for four new 64,000 dwt bulkers
Financially-shaken Sainty Marine has expressed urgency in finding a buyer for four of its newly-built bulk carriers, as the Chinese yard seeks to ease its tightening cashflow problems.

Shenzhen-listed Sainty Marine, which is facing a host of financial woes, announced that it needs fresh funds as its existing cash liquidity is running low, and the four new 64,000 dwt is up for grabs.

The four new bulkers were supposed to be bought by US equity firm Corbita Maritime Investment under a resale contract entered into on 29 April 2014. But Corbita has failed to make payments for the ships, and the resale contract was voided by Sainty Marine on 19 November 2014.

While the troubled Chinese firm did not reveal a selling price for the bulkers, it said that the sluggish dry bulk shipping market is not helping its cause.

“We have been actively looking for a new buyer. But due to the weakening market conditions, we have not been able to sell the four 64,000 bulkers at an ideal price,” Sainty Marine stated.

Recently, Sainty Marine had to abort a debt-for-equity rescue deal for compatriot Nantong Mingde Heavy Industry. Sainty Marine is itself weighed down by several problems such as assets and accounts frozen by banks, contract cancellations, delays to newbuilding deliveries, lawsuits, and departure of senior officials.