Jinhui Shipping sells supramax vessel for $13.2m

Jinhui Shipping and Transportation Limited's wholly-owned subsidiary, Jinmao Marine Inc., has entered into an agreement to sell a Supramax bulk carrier named "JIN MAO" for $13,200,000. The vessel, built in 2012, has a deadweight of 56,469 metric tonnes. The sale to New Unite Marine Co., Ltd. is expected to result in a book loss of approximately $0.2 million for Jinhui Shipping.

The disposal consideration was determined through arm's length negotiations, referencing market intelligence and an independent valuation by Arrow Valuations, which appraised the vessel at $13 million. The payment structure includes an initial deposit of $1,320,000, with the balance of $11,880,000 payable upon the vessel's delivery.

Proceeds from the sale will be allocated towards general working capital, including repaying short-term borrowings, settling outstanding creditors, and maintaining a liquidity buffer. This strategic move aligns with Jinhui Shipping’s ongoing efforts to optimize its fleet, reduce operational risk, and enhance its financial position.