Jinhui Shipping & Transportation (Jinhui) through its wholly-owned subsidiaries Jinlang Marine Inc. and Jinyu Marine Inc. has placed an order in China on February 11 for two 64,100-dwt bulk carriers priced at $34m each.
The deliveries of the two ships are expected on or before 15 May 2029 and 31 July 2029 respectively.
Both Jinlang Marine Inc. and Jinyu Marine Inc. are ship owning companies and wholly-owned subsidiaries of Jinhui Shipping & Transportation (Jinhui).
The company said it has ordered the ships at Sumec Marine’s New Dayang Shipbuilding yard at a price of $34m each. The total contract price of the two bulkers is $68m.
Jinhui said that the total contract price of the two vessels will be payable by cash in US dollars. It is currently expected that approximately 50% of the contract price will be funded by bank financing and the remaining will be funded by internal resources of the Group.
The company noted that the move is consistent with the Group’s ongoing strategy to renew the fleet with modern, larger and high-quality vessels, by gradually phasing out its older vessels and replacing them with newer and younger vessels.
Once delivered, the vessels will be chartered out to third parties.
The Group currently operates a fleet of twenty-one vessels, of which eighteen are owned vessels and three are chartered-in vessels, with total deadweight carrying capacity of approximately 1.7 million metric tonnes. Among the owned vessels were two that have been arranged under sale and leaseback agreements.
