Jinhui Shipping & Transportation through its subsidiary Jincheng Marine has sealed a memorandum of agreement for the acquisition of a capesize at a price of $30.95m.

The vessel New Delight, a 181,279 dwt capesize bulk carrier Panama-flagged, will be delivered to its new owner by Dynamic Shipping Navigation, a company incorporated in Panama, between 1 July 2024 and 15 September 2024.

The shipowner and subsidiary Jincheng Marine, with principal activities in ship owning and chartering, is buying by cash in US dollars the Japanese-built 181,279-dwt New Delight, built in 2012 by Imabari Shipbuilding in Japan.

“The director believes that the acquisition of the vessel will enable the group to optimise the fleet profile through this ongoing management of asset portfolio,” Jinhui said.

The ship will be delivered to the Group on a free from charter basis.

It is currently expected that approximately 70% of the purchase price of the vessel will be funded by bank financing and the remaining will be funded by internal resources of the Group.

“We will continuously monitor the market as well as our operations going forward and look out for opportunities to maintain a reasonably modern and competitive fleet, not ruling out any future disposal of smaller and older vessels and replace with newer vessels with larger carrying capacity and longer asset lives,” reads the statement of the shipowner.

The Group’s fleet portfolio currently consists of twenty-two modern supramaxes and two chartered-in vessels.

Jinhui sold last year, as Shipping Telegraph reported on December 12, a supramax at a consideration of $10.43m.

The company offloaded the vessel Jin Sheng, a supramax bulk carrier, to Uniglory Shipping, a company incorporated in the Republic of Marshall Islands, with principal activities in ship operating and chartering.

The ship sold is a supramax of deadweight 52,050 metric tons, built in the year 2006, and registered in Hong Kong.