Jinhui Shipping aborts supramax purchase from Chartworld over late delivery

Jinhui Shipping and Transportation (Jinhui Shipping) has terminated a deal to purchase a supramax bulk carrier from Greece’s Chartworld Shipping Corporation due to late delivery by the Greek shipowner.

Oslo-listed Jinhui Shipping, which is 55.69% owned by Hong Kong-listed Jinhui Holdings, had already purchased one supramax, the 2001-built 50,354-dwt Aigeorgis, at a price of $5.75m from Chartworld, and the vessel was delivered to Jinhui Shipping in May.

The second supramax that Jinhui Shipping had wanted to purchase was the 2002-built 50,220-dwt Aifanourios at a price of $6.25m. The Aifanourios was supposed to be handed over to Jinhui Shipping by June.

Read more: Jinhui Shipping purchases supramax pair for $12m

“As one of the clauses with regards to a timely delivery of the second agreement cannot be fulfilled by the second vendor, the acquisition of the second vessel according to the second agreement was terminated,” Jinhui Holdings announced.

The initial deposit of $625,000 lodged with the escrow agent has been refunded to Jinhui Shipping.

“The directors consider that the termination of the acquisition of the second vessel would not have any material adverse effect on the financial position and operations of the group,” Jinhui Holdings stated.

Jinhui Shipping currently owns 19 dry bulk carriers which include two post-panamaxes and 17 grabs fitted supramaxes.

Posted 05 June 2019

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Lee Hong Liang

Asia Correspondent

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