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Jinhui disposes of five-year-old panamax bulker for $12.8m

Jinhui disposes of five-year-old panamax bulker for $12.8m
Jinhui Shipping and Transportation has inked an agreement to sell a five-year-old panamax bulker for $12.8m to Aigaion Shipholding Company.

The 2011-built, 75,008-dwt vessel Jin Chao will be handed over to the new owner between 17 October to 30 November this year.

Aigaion Shipholding is established and managed by Fundador Compania Naviera, a private shipping firm based in Greece with principal activity of international bulk shipping.

Jinhui Holdings, the majority shareholder of Jinhui Shipping, announced to the Hong Kong Stock Exchange that the book value of Hong Kong-registered Jin Chao was approximately HKD164.61m ($21.22m) as at 30 June 2016.

“The directors believe that the disposal will enable the group to enhance its working capital position and to strengthen its liquidity, and optimize the fleet size through this ongoing management of asset portfolio,” Jinhui Holdings stated.

The group intends to use the net sale proceeds received to repay vessel mortgage loan and as general working capital.

The group currently owns two modern post-panamaxes, two modern panamaxes including Jin Chao, 27 modern grabs fitted supramaxes including two which will be sold later this year, one handymax which will be disposed later, and one handysize.