Jinhui Buys Panamax For $31.1m In Latest Fleet Renewal Move

Jinhui Shipping & Transportation through its subsidiary Jinli Marine has sealed a memorandum of agreement for the acquisition of a panamax at a price of $31,1m.

The vessel Vincent Trader, an 81,567 dwt panamax bulk carrier registered in the republic of Panama and Philippines, will be delivered by its current owner Vincent ACL Ltd, a company incorporated in the republic of Marshall Islands, between 1 April 2024 and 15 June 2024.

Jinli Marine is a ship owning company and subsidiary of Jinhui Shipping & Transportation and its principal activities are ship owning and chartering.

The vessel is a panamax built in 2019 by Jiangsu Hantong Ship Heavy Industry.

“The seller warrants that the vessel, at the time of delivery, is free from all charters, mortgages, encumbrances, and maritime liens or any other debts,” Jinhui said.

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

The Group’s fleet portfolio currently consists of twenty-four vessels, of which twenty-two are owned vessels and two are chartered-in vessels.

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.

Jinhui through its subsidiary Jincheng Marine sealed this year another 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.