Jinhui Shipping continues bulker sell-off

Jinhui Shipping continues bulker sell-off

Chinese bulker owner Jinhui Shipping and Transportation has announced the sale of 75,583 dwt panamax bulker Jin Rui for $10.6m.

The 2009-built vessel is scheduled for delivery to the new owner, Marshall Islands-incorporated Hanse Shipping Co., between October 10 and November 30.

Junhui said that around 80% of the proceeds will be used to repay the vessel’s loan and the remainder for the general working capital of the group.

This latest sale follows the disposal of 2011-built panamax bulker Jin Chao last week for $12.8m.

Last month Jinhui Shipping sold two supramax vessels, Jin Han and Jin Ming, to Tufton Oceanic for a total of $28.5m. It also sold handymax bulker Jin Bi last month to Greek company Gelico Shipping for $3.5m.

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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1 Comment

  1. Avatar
    Andrew
    October 3, 2016 at 10:51 am

    The purchaser specializes in the shipment of maize, grain and other agricultural products from South America to the Arabian Gulf through contracts of affreightment with an unnamed multinational company.

    Hmm wonder who it could be!