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Jinhui sells supramax pair at a $14.1m loss

Jinhui sells supramax pair at a $14.1m loss
Chinese bulker owner Jinhui Holdings continues to sell ships, divesting two relatively new supramaxes for $28.5m in total.

The sale, to a European investment fund, of the two similar 61,414 dwt ships built in 2011 and 2010, is valued at $14.56m and $13.94m respectively, the company said in a stock market release.

Jinhui expects to book a loss of about HKD109m ($14.1m) on the disposal of both vessels. The company plans to use the proceeds for the repayment of the respective vessel mortgages and as general working capital for the group.

The moves seem to be part of an ongoing rationalisation plan for Jinhui. The company gave the standard "optimise the fleet size through this ongoing management of asset portfolio" line as a rationale for the disposals.

Jinhui is now left with two post-panamaxes, two panamaxes, 25 grabs-fitted supramaxes and one handysize after the latest divestments. The group had earlier this week announced the sale of its only handymax to Greek owners.