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Jinhui sells another supramax for $9m

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Jinhui Holdings is still paring its fleet as it sees continued uncertainty and market volatility, divesting a 2003-built 52,961 dwt supramax for $8.7m and making a net book gain of about HKD6m ($764,379) from the sale.

The vessel had just about broken even for the company generating a profit of HKD2.6m last year although it had been running at a HKD10.8m loss in 2016.

Giving its rationale for the disposal, Jinhui said: “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 remain financially nimble in today’s ever-changing market environment.”

Read More: Jinhui disposes of final handysize in its fleet

Jinhui added that the transaction would result in a book gain and generate positive cash inflow to boost working capital and liquidity and it would continue to monitor the market for either disposal or acquisition opportunities.

Jinhui’s fleet will comprise two modern post-Panamaxes and 18 modern grabs fitted supramaxes after the disposal and total carrying capacity will be reduced to 1.2m metric tons.