Jinhui Shipping unit refunded $24m for aborted bulker order

Jinqing Marine had entered into a contract with Mitsubishi Corporation on 14 December 2007 for the acquisition of a 58,100-dwt bulk carrier at a purchase price of JPY4.5bn ($44.2m). Jinqing Marine further announced on 19 September 2013 that the acquisition of the vessel was to be terminated.

“The directors believe that the financial position and operations of the group will not be adversely affected by the termination of the contract,” said Jinhui Holdings, which owns about 54.77% of Jinhui Shipping.

“The company will make appropriate adjustments to its consolidated financial statements to reflect the refundment of short term receivables from the vendor [Mitsubishi Corp],” it said in a statement to the Hong Kong Stock Exchange.

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