Jinhui Shipping disposes of supramax for $7.38m

Jinhui Shipping has inked an agreement to sell a 50,209-dwt supramax bulk carrier for $7.38m an investment holding firm with activities in ship brokering and ship management firm.

The 2001-built vessel, Jin Zhou, will be delivered to the new owner between 15 February and 31 March.

Jinhui Holdings, parent of Jinhui Shipping, intends to keep all net sale proceeds received as general working capital.

“Despite the recent improvement in shipping market, we continue to see uncertainty and market volatility remaining as an operational risk to the group,” Hong Kong-listed Jinhui Holdings stated.

“In order to further reduce operational risk and liquidity risk, we believe it is prudent for the group to readjust the fleet size according to the age profile and it is also important to remaining financially nimble in today’s every-changing market environment.

“The disposal would result in a book gain and generate positive cash inflow to boost its working capital and liquidity,” it added.

Read more: Jinhui sells another supramax for $9m

Before completion of this disposal, the group currently owns two post-panamaxes and 17 modern grabs fitted supramaxes including Jin Zhou. The total carrying capacity will be reduced to approximately 1.09m dwt after the disposal.

Posted 03 January 2019

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Lee Hong Liang

Asia Correspondent

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