Jinhui Shipping and Transportation Limited through its wholly-owned subsidiary, Jinxing Marine Inc, entered into a memorandum of agreement on October 14 for the disposal of a bulk carrier at consideration of US$14,600,000.
The 55,496 metric tonnes bulk carrier Jin Xing (2007-built) registered in Hong Kong will be delivered to its new owner, Heng Fa Shipping Co., Limited, between 20 October and 30 November.
The purchaser Heng Fa Shipping Co., Limited, is principally engaged in ship owning and operation. The bulk carrier will be delivered to the purchaser on a free from charter basis.
The vessel has been owned by the Group since 2007, and its unaudited net book value as at 31 August 2026 was approximately US$7,864,000.
The company said the consideration of the vessel was determined by reference to market intelligence.
The company decided to offload the ship as it believes that this move will enable the Group to enhance its working capital position and further strengthen its liquidity and overall financial standing.
It also said that the disposal aligns with its ongoing strategy to optimize the fleet profile, maintain a well-balanced portfolio, and reduce operational risk exposure amid current volatile shipping markets.
Prior to the transaction, the Group operated nineteen vessels, comprising sixteen owned vessels (including the bulk carrier Jin Xing) and three chartered-in vessels.
Following the disposal of the vessel, the Group continues to operate a diversified fleet of dry bulk carriers, currently comprising capesize, panamax, ultramax, and supramax bulk carriers.
The Group continuously monitoring the market conditions as part of its strategy to redeploy capital into more suitable assets, which may involve the disposal of smaller, older vessels and replacing them with newer vessels or charter-in options.
