Qinfa Group confirms sale of bulker to Kassian Maritime

Qinfa Group confirms sale of bulker to Kassian Maritime

China’s coal trading and logistics major Qinga Group has confirmed the sale of a 2011-built panamax bulker to Greek owner Kassian Maritime Navigation. Splash reported the deal in April.

The two parties signed a memorandum of agreement earlier this week for the sale and purchase of the 81,600 dwt Oriental Wise. The price of the vessel in the deal is $17.45m. Delivery of the vessel will take place on or before June 29.

“Under the revitalizing secondhand bulk carrier market, the directors consider that the disposal is a good opportunity for the Group to improve the group’s financial position. The group intends to use the net sale proceeds from the disposal to repay certain bank borrowings,” Qinfa said in a release.

Qinfa expects to record a gain of RMB11.55m ($1.8m) from the vessel disposal deal.

Following the dispoal, Qinfa’s fleet will be left with two panamax bulkers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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