Jinhui Shipping has announced that two wholly owned subsidiaries of the company have entered into agreements for the disposal of two supramax vessels for $28.5m in total.
According to the agreements the two vessels, Jin Han and Jin Ming, will be sold to HSL Melbourne Shipping and BSL Malmo Shipping, two front companies Splash understands are controlled by the UK’s Tufton Oceanic, for $14.56m and $13.94m respectively.
Jinhui Shipping will use the proceeds from the sales for the repayment of vessel mortgage loans and as!general working capital.
Jinhui Shipping sold handmax bulker Jin Bi to Gelico Shipping earlier this week.
Jinhui Shipping said the directors continuously review market conditions and adjust the group’s fleet profile, and believe that the disposal will enable the group to enhance it working capital position and strengthen its liquidity.