Jinhui Shipping Sells One of Its Supramax Oldies

BulkerIllustration; Image Courtesy: Pixabay under CC0 Creative Commons license

Hong Kong-based shipping company Jinhui Shipping and Transportation has reached a deal to dispose of one of its Supramax vessels.

Under the Memorandum of Agreement, which was signed though the company’s subsidiary on December 10, Jinhui Shipping is to sell the bulker for a price of USD 6.9 million.

The shipping firm said that the Supramax would be delivered to its new owner, a Marshall Islands-incorporated unit of Bao Fortune Shipping, between December 27 and January 31, 2019.

Although the company did not unveil the name of the vessel, Jinhui Shipping informed that the 51,104 ton unit was built in 2002 and registered in Hong Kong. Based on the details provided on the company’s website, the ship in question is the 2002-built Jin Quan.

The company said it intends to keep all net sale proceeds received as general working capital of the group.

Jinhui Shipping opted for the move in an effort to enhance its working capital position and further strengthen its liquidity and optimize the fleet profile through its ongoing management of asset portfolio.

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