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Jinhui Shipping purchases supramax pair for $12m

Jinhui Shipping and Transportation (Jinhui Shipping) has acquired a pair of bulk carriers for $12m from Greece’s Chartworld Shipping Corporation.

The bulk carriers are the 2001-built, 50,354-dwt supramax Aigeorgis and the 2002-built, 50,220-dwt supramax Aifanourios, both registered in the Bahamas. The vessels will be delivered to Jinhui Shipping by June this year.

The purchase price of Aigeorgis is $5.75m and Aifanourios is $6.25m, both payable by cash.

“The acquisition of vessels will enable the group to further expand the group’s overall cargo carrying capacity while minimising risks of over allocation of capital to additional tonnages due to changes in maritime regulations going forward,” said Hong Kong-listed Jinhui Holdings, which owns 55.69% stake in Jinhui Shipping.

The latest acquisitions by Jinhui Shipping, however, run contrary to its strategy of downsizing its bulk carrier fleet since 2016 as the group went into a restructuring of its debts amid the weak dry bulk shipping market.

The group’s previous vessel disposal was in January this year when it sold the 2001-built, 50,209-dwt supramax Jin Zhou for $7.38m.

Read more: Jinhui Shipping disposes of supramax for $7.38m

In November 2018, the group purchased a property in Hong Kong as part of its divestment of its exposure to the shipping business.

Jinhui Holdings pointed out that the latest vessel acquisition strategy is arrived at after a careful review of the individual specification, maintenance quality and conditions of each of the vessels, and considers the purchase prices of the vessels as highly attractive.

Jinhui Shipping currently owns 18 dry bulk vessels including two post-panamaxes and 16 grabs fitted supramaxes. The fleet’s total carrying capacity will increase by 100,574 dwt to 1,186,648 dwt after the completion of the acquisition of the latest two supramaxes.

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