Jinhui Shipping subsidiary acquires new vessel for $33.45m

Jinhui Shipping and Transportation Limited announced its wholly-owned subsidiary, Jinfeng Marine Inc., entered into a shipbuilding contract on December 9, 2025, for a new deadweight 64,500 metric tonnes type bulk carrier. The vessel, with a contract price of $33,450,000, is scheduled for delivery on or before October 31, 2028. This acquisition aligns with the group's strategy to renew its fleet with modern, high-quality, and fuel-efficient vessels to meet stringent maritime regulations and customer demands.

The vessel will be built by Jiangmen Nanyang Ship Engineering Co., Ltd., a Chinese company. Approximately 70% of the contract price is expected to be funded by bank financing, with the remaining balance from the group's internal resources. Payments are structured in four installments, with the final payment of $20,070,000 due concurrently with delivery.

Upon completion, the vessel will be chartered to third parties for dry bulk commodities transportation, generating recurring chartering and hire income for the group. The directors consider the terms of the shipbuilding contract to be fair and reasonable, negotiated at arm's length, and in the best interests of the company and its shareholders.