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Jinhui sells another young panamax in fleet downsizing move

Jinhui sells another young panamax in fleet downsizing move
Jinhui Shipping and Transportation has continued the downsizing of its dry bulk carrier fleet as it sold the last of its two modern panamaxes.

The 2009-built, 76,583-dwt Jin Rui has been sold at a price of $10.6m to Hanse Shipping, incorporated in the Republic of the Marshall Islands.

The vessel will be handed over to the new owner between 10 October to 30 November this year.

Jin Rui’s book value as at 30 June 2016 was approximately HKD144.86m ($18.68), pointing to the sale recording a loss of around $8m for Jinhui Shipping, majority owned by Hong Kong-listed Jinhui Holdings.

The latest vessel sale followed closely an earlier sale of another modern panamax of five-year-old, Jin Chao, at a price of $12.8m. Jinhui Shipping also sold two relatively young supramaxes for a total of $28.5m in early September.

Jinhui said it will continue to focus on maintaining a young and modern fleet, not ruling out a further reduction in fleet size “in order to sail through the current storm by placing further emphasis on prudence and stability as our core objectives going forward.”

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