Jinhui Shipping & Transportation (Jinhui) through its subsidiary Jinzhou Marine Inc. has boosted its fleet with an acquisition from vessel leasing expert Sea 17 Leasing Co. Ltd, a company incorporated in Hong Kong, of an ultramax at a price of $24.52m.
The company has spent $24.52m on the bulk carrier Great Century registered in Hong Kong with a deadweight 61,441 metric tons, built in 2017 by Dalian Cosco KHI Ship Engineering, according to a statement.
The vessel will be delivered to its new owner between January 1 and February 28, 2025, and it will be on a free from charter basis.
To remind, the company is an approximately 55.69% owned subsidiary of Jinhui Holdings, whose shares are listed on the Hong Kong stock exchange.
The company said that the purchase price for the vessel will be payable by cash in US dollars.
“The directors believe that the acquisition of the vessel will enable the group to optimise the fleet profile through this ongoing management of asset portfolio,” Jinhui said.
“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 vessels with larger carrying capacity and longer asset lives,” the statement reads.
The group currently operates thirty-three vessels, including twenty-five owned vessels and eight chartered-in vessels, with total carrying capacity of approximately 2,276,000 metric tons.
