Shenzhen-listed Sainty Marine lost an order from Universal Marine for four 2,350 teu container ships due to the shipowner’s failure to secure financing for the order.
The shipbuilder and the Dutch owner had reached agreement to cancel the order, with no losses incurred for both parties, a stock filing of Sainty Marine said on 13 May.
The order, awarded by the owner in March 2014, was priced at about USD42 million for each vessel, with delivery scheduled from 2016 to 2017.
In addition, Sainty Marine said in a separate filing that several newbuilds under construction at its affiliated yards had been seized by Wuhan Maritime Court over a guarantee dispute with Bank of Nanjing.
On 7 May, the bank applied for asset preservation at Wuhan Maritime Court to seize assets worth CNY391 million (USD63 million) owned by Sainty Marine. The bank claimed it had been involved in a guarantee dispute with the company.
As of 12 May, Sainty Marine has defaulted on a total of CNY371 million of bank loans and a bill of exchange.