Jinhui Shipping and Transportation Limited through its two wholly-owned subsidiaries, Jinshun Shipping and Jintong Marine Inc, entered into two shipbuilding contracts on June 3 for the acquisition of two vessels, each at a contract price of $34,150,000. The total contract price of the first and second vessel is $68,300,000.
The vessels involved are two bulk carriers with a deadweight of 64,500 metric tonnes each.
Both vessels will be delivered to the buyers on or before 31 December 2030.
As informed, the principal activities of the buyers are ship owning and chartering. On the other hand, the seller is China’s Jiangmen Nanyang Ship Engineering. Its principal activities include the construction of bulk carriers, the provision of ship repair services, and the undertaking of steel structure engineering projects.
Jinhui said the acquisition of the two ships 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.
“The availability of suitable young modern vessels in the second-hand market fluctuates over time. At present, no high-quality young second-hand vessels offering a balanced combination of suitable specifications, favorable delivery timelines, and reasonable pricing can be identified,” the company explained.
Upon the completion of the acquisition of the two vessels, Jinhui said they will be chartered out to third parties for the transportation of dry bulk commodities.
The group currently operates twenty-one vessels, including eighteen owned vessels and three chartered-in vessels, with total carrying capacity of approximately 1.7 million metric tonnes.
To remind, the company is an approximately 55.69% owned subsidiary of Jinhui Holdings, whose shares are listed on the Hong Kong stock exchange.
