China´s shipowner Jinhui Shipping and Transportation Limited is buying a bulk carrier at a purchase price of around $20.4m.
The company´s wholly-owned subsidiary Jinrui Marine Inc will buy the vessel from Vega Maritime FZC, which is privately owned by Kenneth Fjeld and GV Surajh.
The vessel will be delivered to the company by Vega Maritime FZC, a company incorporated in the United Arab Emirates.
The bulk carrier “Hanton Trader III”, with a deadweight of 63,435 metric tons, built in 2014 by Jiangsu Hantong Ship Heavy Industry, will be delivered to the Group on a free from charter basis.
Jinhui said Vega Maritime “warrants that the vessel, at the time of delivery, is free from all charters, encumbrances, mortgages and maritime liens or any other debts.”
As the shipowner reveals the purchase price for the vessel will be payable in cash in United States Dollars.
The purchase value of the ship has been determined by various factors, including a valuation from an independent valuer, an analysis of the company of recently concluded sale and purchase transactions of vessels of comparable size and year of built in the market.
The price has been evaluated, among other factors, by reference to market intelligence the company has gathered from shipbrokers and by length negotiations with Vega Maritime.
Jinhui said that “it is seeking to lower the overall age profile of its fleet.” It is currently expected that approximately 60% of the purchase price of the ship will be funded by bank financing and the remaining will be funded by internal resources of the Group.
The Group currently owns twenty-four modern grabs fitted supramaxes with existing carrying capacity of 1,373,222 metric tons.
