Jinhui Shipping continues bulker sell-off

Jinhui Shipping continues bulker sell-off

Jinhui Shipping and Transportation has disposed of 2012-built handysize vessel Jin Yu for $15m.

Jinhui said it considers the sale a “favourable deal” with the price at a premium of over 5% above the sale value of similar vessels over the last six months.

The sale will realize a book gain of around $0.2m, and Jinhui intends to use around 75% of the net sale proceeds for the repayment of the vessel loan and the remainider for general working capital.

The ship, which has been snapped up by Japan’s Inui Global Logistics, was the last handymax left in the Jinhui fleet after a series of disposals.

Upon completion of the sale Jinhui will be left with 23 vessels, made up of two modern post-panamaxes and 21 supramaxes.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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