Shenzhen-listed Sainty Marine plans to dispose of four completed Ultramaxes that have been abandoned by Germany’s Corbita Maritime Investment.
The company will take advantage of the disposal to mitigate its financial hardships and boost its liquidity, a stock filing of Sainty Marine said on 23 July.
The newbuildings had been completed at Sainty Shipbuilding (Yangzhou).
In November 2014, the shipbuilder cancelled the newbuilding contracts signed with Corbita for the four Ultramaxes as the shipowner failed to make the newbuilding payment. The parties signed the newbuilding contract in April 2014.
After the cancellation, Sainty Marine was unable to find new buyers for the ships at expected prices, as prices of Ultramaxes kept declining in the market.
The yard is troubled by other newbuilding non-deliveries to shipowners.
In June, Sainty Marine warned that two Ultramaxes built by Sainty Shipbuilding (Yangzhou) could not be delivered to Thailand’s Precious Shipping. The two newbuildings were scheduled for delivery on 31 May. In May, Precious Shipping refused to take delivery of another two same class vessels from Sainty.