Shenzhen-listed Sainty Marine has sold two completed and abandoned Ultramaxes to raise a total of US$38.6m.

In July, Sainty Marine said it planned to dispose of four completed Ultramaxes, which had been abandoned by Germany's Corbita Maritime Investment, according to a stock filing of Sainty Marine.

The two newbuilds were sold at US$19.3m each.

The company would take advantage of the disposal to mitigate its financial hardships and boost its liquidity. The newbuilds had been completed at Sainty Shipbuilding (Yangzhou).

In November 2014, Sainty Marine cancelled the newbuilding contracts signed with Corbita Maritime Investment 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 Ultramaxes at expected prices, as prices of Ultramaxes kept declining in the market.