Dry CargoGreater China

Jinhui nets profit from supramax bulker flip

Jinhui Shipping and Transportation has sold its 2004-built supramax bulk carrier Jin Cheng to Hong Kong-incorporated Perfect Shipping for $13.9m.

The Chinese bulker operator purchased the 53,806 dwt vessel, formerly known as Avra, last year from Sea Venture Navigation, a unit of Greek owner Blue Planet Shipping for around $7.27m.

Jinhui Shipping said it would realise a book gain of around $6m on the sale, but the actual book gain will depend on the net book value of the ship as at delivery date in accordance with its impairment and depreciation policy.

Jinhui currently owns 25 dry bulk vessels, which include two post-panamaxes and 23 supramaxes.

“The directors believe that the disposal will enable the group to enhance its working capital position and further strengthen its liquidity and optimise the fleet profile through this ongoing management of asset portfolio. Despite the recent improvements in the shipping market we continue to seek to fine-tune the quality of our fleet, particularly in terms of seeking to lower the overall age profile of our fleet,” the company said in a statement.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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