Oslo-listed Jinhui Shipping and Transportation has sold another of its older supramax bulk carriers as part of its ongoing fleet renewal drive.
The Hong Kong-based owner said it agreed to dispose of a 2012-built, 56,469-dwt Jin Mao for $13.2m to China’s New Unite Marine. The vessel, built at Jiangsu Hantong Ship Heavy Industry, will be delivered free of charter, the company said.
Jinhui acquired the ship in 2022 from South Korea’s Kmarin for about $16.5m, when it was named Pacific Crown. The vessel’s unaudited net book value as of end-September stood at $13.39m, meaning the company will book a small loss of around $0.2m on the disposal.
The company said proceeds from the sale will be used to repay short-term debt, settle payables, and bolster liquidity reserves, helping to reduce interest costs and improve its balance sheet.
The sale continues Jinhui’s drive to streamline its fleet and cut exposure to older tonnage. The company has been steadily reshaping its portfolio over the year, offloading several older supramaxes after adding modern eco-design tonnage. Most recently, Jinhui also signalled a clear focus on fleet renewal, committing about $99m for three ultramax newbuildings at Jiangmen Nanyang Ship Engineering.
The company currently controls a fleet of 29 vessels, comprising 21 owned ships and eight chartered-in units with a combined capacity of about 2.2m dwt. Two of the company’s owned ships are under sale and leaseback deals, and one has been reclassified as held for sale.
