Hong Kong-based dry bulk owner Jinhui Shipping and Transportation has agreed to sell another ageing supramax, continuing its fleet renewal drive with a $14.6m deal involving a Hong Kong buyer.
The Oslo-listed company, majority-owned by Hong Kong-listed Jinhui Holdings, has signed a memorandum of agreement to offload the 2007-built, 55,496 dwt Jin Xing to Heng Fa Shipping, a company ultimately controlled by He Zhixiong.
The vessel is expected to change hands between October 20 and November 30.
Jinhui has owned the bulker since it was built. The company expects to book a gain of approximately HK$52m ($6.7m) on the disposal, based on the ship’s carrying value at the end of August.
The disposal follows an extended period of fleet reshaping by the Ng family-controlled company, which has been selling older supramaxes while investing in larger, more modern ultramax tonnage.
Jinhui currently operates 19 bulk carriers, including 16 owned vessels and three chartered-in units. The company said the latest disposal would help reduce short-term borrowings, settle outstanding liabilities and provide additional liquidity.
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Adis Ajdin
Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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