Jinhui snaps up Chartworld supramax pair for $12m

Jinhui snaps up Chartworld supramax pair for $12m

Chinese dry bulk owner Jinhui Shipping and Transportation has acquired a pair of supramax bulkers from Greek owner Chartworld Shipping.

Jinhui has paid a total of $12m for the two vessels, paying $5.75m for 2001-built Aigeorgis and $6.25m for 2002-built Aifanourios. MSI values the Aigeorgis at $5.2m and Aifanourios at $5.7m.

The acquisition is out of character for Jinhui, who have spent most of the last 18 months selling supramaxes of a similar age. It did manage to fetch much higher prices however when selling.

In January, Jinhui sold the 2001-built Jin Zhou for $7.38m, and 2018 sales included 2003-built Jin Cheng for $8.7m, 2001-built Jin Fu for $8.35m and 2001-built Jin Li for $8.61m.

“The directors and senior management have been reviewing the individual specification, maintenance quality and conditions of each of the vessels and considers the purchase prices of these vessels are highly attractive. The acquisition of the vessels will enable the group to further expand the group’s overall cargo carrying capacity while minimising risks of over allocation of capital to additional tonnages due to changes in maritime regulations going forward. The vessels are expected to generate steady and recurring stream of income for the group,” Jinhui stated.

Aigeorgis is scheduled for delivery between May 2 and June 7, while Aifanourios is expected in May.

Jinhui currently owns a fleet of 18 vessels, made up of two post-panamax bulkers and 16 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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