Oslo-listed dry bulk specialist Jinhui Shipping and Transportation has announced the disposal of one of its Ultramax bulk carriers, marking another step in the company’s strategic fleet modernization program. The Hong Kong-based owner confirmed it has reached a definitive agreement with Hongkong Yiming Shipping for the sale of the Jin Ping.
Transaction Details and Financial Impact
The 2014-built vessel, which boasts a deadweight of 63,485 tonnes, was sold for a total consideration of $23.46 million. According to official company filings, the vessel is scheduled for delivery to its new owners between June 1 and July 15, 2024. The Jin Ping will be delivered free of any charters, encumbrances, or maritime liens.
From a financial perspective, the move appears highly advantageous for Jinhui. Having acquired the vessel in 2022, the company reported an unaudited net book value of approximately $19.9 million at the end of last year. Consequently, Jinhui expects to realize a book gain of roughly $3.2 million upon the completion of the sale.
Strategic Fleet Renewal
This latest transaction is part of a broader corporate initiative to lower the average age of Jinhui’s fleet and optimize operational efficiency. This renewal strategy has been aggressive over the past year, with the company offloading approximately 10 Supramax vessels in 2023.
While selling older or middle-aged tonnage, Jinhui is simultaneously looking toward the future. The company currently manages several Ultramax newbuilding projects across various Chinese shipyards, ensuring that its fleet remains competitive and compliant with evolving international maritime regulations.
Current Fleet Overview
Despite the recent sales, Jinhui maintains a robust presence in the global dry bulk market. Their diversified fleet currently consists of 21 vessels, including 18 owned ships, spanning several key segments:
- Capesize
- Panamax
- Ultramax
- Supramax
This successful deal follows a minor setback earlier this year when a planned $14.4 million sale of the 2012-built Jin Bi was terminated in January due to unmet delivery conditions. The prompt sale of the Jin Ping reinforces Jinhui's commitment to active asset management and portfolio rebalancing.