Chinese dry bulk player Jinhui Shipping and Transportation has agreed to sell another supramax bulker, marking its fourth vessel sale of the year.
The Oslo- and Hong Kong-listed company is divesting the 2009-built 65,900 dwt Jin Ji to Hong Kong-incorporated Huwell Tanker Spring for $11m.
Jinhui said the deal is expected to close by the end of August, and the company will book a non-cash loss of about $1.1m, based on the vessel’s net book value as of May 31.
The Jin Ji is a Shanghai Shipyard-built sister vessel to the Jin Gang, which was also recently sold. Both disposals are part of the company’s broader strategy to reshape its fleet and reduce exposure to volatile freight markets.
“The disposal represents an opportunity for the group to readjust its fleet profile and reduce operational risk exposure,” Jinhui said in a filing. “It will also enhance our working capital and strengthen our liquidity.”
The deal brings the total cash raised through vessel sales and financial deals this year to around $71m. This includes the sale of three older supramax vessels, as well as sale-and-leaseback transactions involving an ultramax and a kamsarmax with Chinese lessors.
Jinhui currently operates a fleet of 30 vessels, mainly focused on the supramax and ultramax segments.
