Sainty Marine warns of delisting on continuing 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.