Financially troubled shipyard Sainty Marine has announced that it plans to take up a one-year loan of RMB300m ($47.1m) from Bank of Nanjing, pledging four vessels for collateral.

Sainty Marine is currently working on a rescue plan for the yard. It has recently suffered a series of troubles including court cases, false financial data found by China Securities Regulatory Commission and vessel cancellations.

Yesterday Thai owner Precious Shipping cancelled another pair of ultramax dry bulkers at the yard to add to two cancelled in February. Precious is seeking $11.16m per vessel plus interest, a refund on advance payments paid to Sainty Marine.