Jinhui Shipping Sells Panamax Bulk Carrier Jin Chao

By Vessels

Hong Kong-based shipping company Jinhui Shipping and Transportation Limited has entered into a memorandum of agreement (MoA) to dispose of its Panamax bulk carrier, the Jin Chao, at a consideration of USD 12.8 million.

The 75,008 dwt vessel will be delivered to Aigaion Shipholding Company Limited based in the Republic of the Marshall Islands between October 17 and November 30, 2016, Jinhui said.

Jinhui Shipping Sells Panamax Bulk Carrier Jin Chao

Bulk carrier Jin Chao - Image courtesy: husni

Built in 2011 at Sasebo shipyard in Japan, the Jin Chao features a length of 225 meters and a width 32.2 meters.
The vessel has been owned by Jinhui Shipping since 2011, and its net book value as of June 30, 2016, was USD 21.1 million.

Jinhui Shipping said it intends to use the net sale proceeds for the repayment of vessel mortgage loan and as general working capital of the group.

Earlier this month, Jinhui Shipping sold two of its Ultramaxes and one Handymax vessel. The two Ultramaxes, the 2010-built Jin Ming and the 2011-built Jin Han, were sold for USD 13.5 million and USD 14.5 million, respectively. The third vessel, 2000-built Handymax Jin Bi, was sold for USD 3.5 million.

In addition, the company disposed of three Supramax vessels in June and March this year, according to data provided by VesselsValue.

Jinhui Shipping’s fleet is currently comprised of two Post-Panamaxes, two Panamaxes (including the Jin Chao), 27 Supramaxes (including two Supramaxes to be sold later in 2016), one Handymax, which will be disposed by the group later this year, and one Handysize vessel.

Source: WorldMaritimeNews