The company said in a stock market announcement that the two vessels, 2010 and 2011-built respectively, had achieved a sale price at a premium of at least 10% to the market value of comparable vessels.
Notwithstanding, the company will still make a book loss of HKD107m ($13.8m) on the deal. The divestment however will cut the group's debts to HKD163m from HKD2.2bn as the vessel's debts and obligations are taken off its books and generate positive cashflow resulting in the strengthening of the group's overall financial liquidity, Jinhui said.
Jinhui said it believes the disposal "will enable the group to enhance its working capital position and further strengthen its liquidity, and optimize the fleet profile through this ongoing management of asset portfolio".
"Looking ahead, we will continue to focus on taking sensible and decisive actions to maintain a strong financial position, maintaining a young and modern fleet, not ruling out a 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," Jinhui added.
Jinhui will be left with two modern post-panamaxes, one modern panamax, 25 supramaxes and one handysize after the current series of disposals, although indications are that the exercise will be a continuing one during the remainder of the year.
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