Chinese dry bulk player Jinhui Shipping and Transportation has agreed to sell yet another supramax bulker, marking its fifth vessel sale of the year.
The Oslo- and Hong Kong-listed company is offloading the 2009-built 65,900 dwt Jin Jun to Singapore-incorporated Huwell Global Resources in a deal worth $10.5m.
Jinhui said the deal is expected to close by mid-November, and the company will book a non-cash loss of about $2.3m, based on the vessel’s net book value as of end-May.
The Jin Jun is a Shanghai Shipyard-built sister vessel to the Jin Gang and Jin Ji, which were 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,” the company said in a filing.
Jinhui added that the proceeds will support its working capital and further improve its financial flexibility. Including the latest deal, the company has raised around $82m through vessel disposals and sale-and-leaseback arrangements this year.
The firm currently controls a fleet of 30 vessels, of which 20 are owned, with most of its recent sales focused on older supramax units.
