Chinese dry bulk owner Jinhui Shipping and Transportation has announced the sale of 2001-built supramax Jin Fu for $8.35m.
The buyer is compatriot company Xiangshan Xingning Shipping, with delivery of the Hong Kong flagged vessel scheduled within the next few weeks.
MSI Forecast Marine eValuator puts the current market value of the vessel at $9m, up from $6.6m a year ago.
“The Directors believe that the Disposal will enable the Group to enhance its working capital position and further strengthen its liquidity, and optimize the fleet profile through this ongoing management of asset portfolio,” the company said in a statement, adding: “In order to further reduce operational risk and liquidity risk, we believe it is prudent for the Group to readjust the fleet size according to the age profile and it is also important to remain financially nimble in today’s ever-changing market environment.”
Upon completion of the sale, Jinhui’s fleet consist of two post-panamaxes and twenty supramaxes.